By Cristal Cody
Tupelo, Miss., March 12 – Southwest Gas Corp. sold $300 million of 3.7% 10-year senior notes on Monday at a spread of 85 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A) priced at 99.815 to yield 3.722%.
KeyBanc Capital Markets Inc., MUFG and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay in full borrowings under the revolving portion of the company’s credit facility and to repay borrowings under the commercial paper program under the credit facility.
The natural gas distributor is based in Las Vegas.
| Issuer: | Southwest Gas Corp.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2028
|
| Bookrunners: | KeyBanc Capital Markets Inc., MUFG and U.S. Bancorp Investments Inc.
|
| Co-managers: | TD Securities (USA) LLC, Blaylock Van, LLC and Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 3.7%
|
| Price: | 99.815
|
| Yield: | 3.722%
|
| Spread: | Treasuries plus 85 bps
|
| Call feature: | Make-whole call before Jan. 1, 2028 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | March 12
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
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