Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

SOUTHWEST GAS HOLDINGS, INC.

(SWX)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

SOUTHWEST GAS HOLDINGS, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

03/23/2021 | 03:46pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On March 23, 2021, Southwest Gas Corporation entered into a Term Loan Agreement (the "Term Loan Agreement") with the lenders, book runners and syndication agents party thereto and The Bank of New York Mellon, as Administrative Agent (the "Agent"). The Term Loan Agreement provides for a term loan (the "Term Loan") of $250 million that matures on March 22, 2022. Southwest Gas Corporation intends to use the proceeds from the Term Loan to fund the increased cost of natural gas supply during the month of February 2021 caused by extreme weather conditions in the central United States. Interest rates for the Term Loan are calculated at either LIBOR or the "alternate base rate," plus in each case an applicable margin that is determined based on Southwest Gas Corporation's senior unsecured long-term debt rating. The applicable margin ranges from 0.550% to 1.000% for loans bearing interest with reference to LIBOR. Loans bearing interest with reference to the alternate base rate have an applicable margin of 0.000%. Upon the occurrence of certain events providing for a transition away from LIBOR or if LIBOR is no longer a widely recognized benchmark rate, the Term Loan will bear interest at a rate based on a replacement benchmark, as further set forth in the Term Loan Agreement. The Term Loan Agreement contains certain customary representations and warranties and affirmative and negative covenants. In addition, the Term Loan Agreement contains a financial covenant requiring Southwest Gas Corporation to maintain a ratio of funded debt to total capitalization not to exceed 0.70 to 1.00 as of the end of any quarter of any fiscal year. The description of the Term Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the Term Loan Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance

Sheet Arrangement of a Registrant.

The disclosure set forth under Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits

Exhibit
Number                                    Description

10.1           Term Loan Agreement, dated as of March 23, 2021, by and among
             Southwest Gas Corporation, The Bank of New York Mellon, as
             Administrative Agent, and the lenders party, book runners and
             syndication agents thereto.

104          Cover Page Interactive Data File - the cover page XBRL tags are
             embedded within the Inline XBRL document.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about SOUTHWEST GAS HOLDINGS, INC.
05/10SOUTHWEST GAS HOLDINGS, INC.á : Submission of Matters to a Vote of Security Hold..
AQ
05/10SOUTHWEST GASá : Wells Fargo Adjusts Southwest Gas' Price Target to $77 From $65..
MT
05/10SOUTHWEST GASá : 2021 First Quarter Earnings Conference Call Slide
PU
05/07SOUTHWEST GASá : UBS Adjusts Southwest Gas' Price Target to $76 From $73, Mainta..
MT
05/07SOUTHWEST GAS HOLDINGS, INC.á : Announces Conference Call
PR
05/06SOUTHWEST GAS : Q1 Earnings Snapshot
AQ
05/06SOUTHWEST GASá : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND..
AQ
05/06SOUTHWEST GAS HOLDINGS, INC.á : Results of Operations and Financial Condition, F..
AQ
05/06SOUTHWEST GASá : Earnings Flash (SWX) SOUTHWEST GAS HOLDINGS Posts Q1 Revenue $8..
MT
05/06SOUTHWEST GAS HOLDINGS, INC.á : Announces First Quarter 2021 Earnings
PR
More news