Southwest Gas and Centuri Announce Pricing of Centuri Initial Public Offering and Concurrent Private Placement
Summary
The IPO is expected to close on April 22, 2024, subject to the satisfaction or waiver of customary closing conditions.In addition to the shares of Centuris common stock sold in the IPO, Centuri announced that Icahn Partners and Icahn Partners Master Fund LP, investment entities affiliated with Carl C. Icahn, will purchase 2,591,929 shares of Centuris common stock in a concurrent private placement at a price per share equal to the IPO price, for gross proceeds of approximately $54.4 million. The closing of the IPO is not conditioned upon the closing of the private placement.The net proceeds to Centuri from the IPO and the concurrent private placement, after deducting underwriting discounts and commissions and estimated offering expenses payable by Centuri, are expected to be approximately $292.6 million, excluding any exercise of the underwriters option to purchase additional shares to cover over-allotments. Baird, KeyBanc Capital Markets and Siebert Williams Shank are acting as co-managers for the IPO.A registration statement on Form S-1 relating to the offering has been filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada, and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities.Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada.This press release contains forward-looking statements within the meaning of the U.S. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations with respect to the closing of the IPO, the concurrent private placement and the trading of Centuris stock on the NYSE, whether the underwriters will exercise their option to purchase additional shares, and the percentage of shares to be held by Southwest Gas following the IPO.