By Andrea Heisinger
New York, March 20 - Southwest Gas Corp. sold $250 million of 3.875% 10-year senior notes on Tuesday at a spread of Treasuries plus 150 basis points, a market source said.
The notes (Baa1/BBB+/BBB+) were priced at 99.966 to yield 3.879%.
There is a make-whole call at 25 bps over Treasuries until Jan. 1, 2022 and a par call after that date.
BNY Mellon Capital Markets LLC, Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Co-managers were Wells Fargo Securities LLC, Blaylock Robert Van LLC and Samuel A. Ramirez & Co.
Proceeds will be used in connection with a $200 million repayment of 7.625% senior notes maturing May 15 and for general corporate purposes.
The natural gas distributor is based in Las Vegas.
| Issuer: | Southwest Gas Corp.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | April 1, 2022
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-managers: | Wells Fargo Securities LLC, Blaylock Robert Van LLC, Samuel A. Ramirez & Co.
|
| Coupon: | 3.875%
|
| Price: | 99.966
|
| Yield: | 3.879%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps until Jan. 1, 2022, par call after
|
| Trade date: | March 20
|
| Settlement date: | March 23
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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