Southwest Gas buys back nearly $75 million revenue bonds issued through Nevada's Clark County

By Angela McDaniels

Tacoma, Wash., Dec. 17 - Southwest Gas Corp. said it accepted $74.945 million of bonds for purchase in an oversubscribed tender offer for three series of revenue bonds issued through Clark County, Nev.

The total purchase price for the bonds will be $57.744 million including accrued interest, according to a company news release.

The company offered to purchase up to a total of $75 million of its $75 million series 2004B 5% industrial development refunding bonds, $56 million series 2006A 4.75% industrial development revenue bonds and $20 million series 2003D 5.25% industrial development revenue bonds.

Holders tendered $43.8 million of the series 2004B bonds, $31.81 million of the series 2006A bonds and $19.155 million of the series 2003D bonds.

The company accepted all of the series 2004B bonds, $31.145 million, or 97.9%, of the series 2006A bonds and none of the series 2003D bonds.

The offer began on Dec. 3 and ended at 5 p.m. ET on Dec. 16.

The net gain on bonds purchased and cancelled will be deferred and recorded as a regulatory liability and accreted to income in future periods, the company said.

Banc of America Securities LLC was the dealer manager for the offer.

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