Southwest Gas Holdings Sets Price for Centuri Holdings' Stock Offering
In a significant development within the investment landscape, Southwest Gas Holdings, Inc. (NYSE: SWX) has formally announced the pricing of its secondary public offering of Centuri Holdings, Inc. (NYSE: CTRI) common stock. This strategic move aims to sell 9 million shares of Centuri's existing common stock, each priced at $17.50. The offering is a notable part of Southwest’s financial strategy and underscores its role as a key player in the energy sector, as they leverage their holdings for expansion and growth.
This offering is not merely a transaction; it has broader implications for investors and market dynamics. As a selling stockholder, Southwest Gas has granted its underwriters a 30-day option to acquire up to an additional 1.35 million shares. The anticipated closure of the offering is set for May 22, 2025, contingent on standard closing conditions being met.
Moreover, as part of this offering, investment entities affiliated with the prominent investor Carl C. Icahn will engage in a concurrent private placement to purchase a substantial $50 million worth of shares at the same price per share as established in the offering. This concurrent activity is expected to finalize swiftly after the offering concludes, highlighting a robust decision-making environment for potential investors.
J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities have taken on significant roles as joint lead book-running managers for the offering. Supporting them are BofA Securities and Moelis & Company, acting as book-running managers, alongside several co-managing firms, which include Baird, KeyBanc Capital Markets, and others, showcasing a strong institutional backing for this offering.
The shares involved in this transaction are being offered under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement, detailing the terms of this offering, will be filed shortly, ensuring transparency and regulatory compliance. Interested parties will be able to access these documents through the SEC's official website, which is crucial for prospective investors evaluating this opportunity.
It's important to note that this press release serves as informative content and does not constitute an offer to sell or a solicitation to buy these securities. The offering highlights the commitment of Southwest Gas Holdings to delivering value through strategic investments and operational efficiency.
About Southwest Gas Holdings: The company, through its primary subsidiary, Southwest Gas Corporation, focuses on purchasing, distributing, and transporting natural gas. With a strong customer base across Arizona, Nevada, and California, the company is dedicated to providing safe, reliable services while also advancing sustainable energy solutions.
About Centuri Holdings: Operating as a key infrastructure service company, Centuri collaborates with regulated utilities throughout North America to construct and maintain the essential energy networks that power millions of homes and businesses.
With the secondary offering due to close imminently, market watchers and investors alike are keen to see how these developments unfold, especially given the strategic interests involved. The foresight of Southwest Gas and its partners in navigating this offering could result in substantial benefits for stakeholders and set the stage for future growth initiatives in the energy sector.
This offering is not merely a transaction; it has broader implications for investors and market dynamics. As a selling stockholder, Southwest Gas has granted its underwriters a 30-day option to acquire up to an additional 1.35 million shares. The anticipated closure of the offering is set for May 22, 2025, contingent on standard closing conditions being met.
Moreover, as part of this offering, investment entities affiliated with the prominent investor Carl C. Icahn will engage in a concurrent private placement to purchase a substantial $50 million worth of shares at the same price per share as established in the offering. This concurrent activity is expected to finalize swiftly after the offering concludes, highlighting a robust decision-making environment for potential investors.
J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities have taken on significant roles as joint lead book-running managers for the offering. Supporting them are BofA Securities and Moelis & Company, acting as book-running managers, alongside several co-managing firms, which include Baird, KeyBanc Capital Markets, and others, showcasing a strong institutional backing for this offering.
The shares involved in this transaction are being offered under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement, detailing the terms of this offering, will be filed shortly, ensuring transparency and regulatory compliance. Interested parties will be able to access these documents through the SEC's official website, which is crucial for prospective investors evaluating this opportunity.
It's important to note that this press release serves as informative content and does not constitute an offer to sell or a solicitation to buy these securities. The offering highlights the commitment of Southwest Gas Holdings to delivering value through strategic investments and operational efficiency.
About Southwest Gas Holdings: The company, through its primary subsidiary, Southwest Gas Corporation, focuses on purchasing, distributing, and transporting natural gas. With a strong customer base across Arizona, Nevada, and California, the company is dedicated to providing safe, reliable services while also advancing sustainable energy solutions.
About Centuri Holdings: Operating as a key infrastructure service company, Centuri collaborates with regulated utilities throughout North America to construct and maintain the essential energy networks that power millions of homes and businesses.
With the secondary offering due to close imminently, market watchers and investors alike are keen to see how these developments unfold, especially given the strategic interests involved. The foresight of Southwest Gas and its partners in navigating this offering could result in substantial benefits for stakeholders and set the stage for future growth initiatives in the energy sector.
Topics Financial Services & Investing）
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