Southwest Gas Corporation Announces Completion of Tender Offer for Debt Securities
(NYSE: SWX) today announced that it completed its tender offer (the “Offer”)
to purchase for cash up to
Industrial Development Revenue Bonds (Southwest Gas Corporation Project) and
the Industrial Development Refunding Revenue Bonds (Southwest Gas Corporation
Project) listed in the table below (collectively, the “Bonds”) originally
date for the Offer, Southwest accepted
amount of the Bonds tendered in the Offer pursuant to the Offer to Purchase
for an aggregate of
accrued and unpaid interest). 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 table below identifies the principal amount of each issue of Bonds
validly tendered in the Offer and the principal amount of each issue that
Southwest has accepted for purchase, as well as the percentage accepted for
each issue. Because the principal amount of Bonds tendered in the Offer
purchase. The Bonds were accepted for purchase in accordance with, and in the
order of, the Acceptance Priority Levels set forth in the table below, all in
accordance with the terms of the Offer to Purchase.
Aggregate Aggregate Aggregate Principal Principal Principal Amount Accept- Amount Amount Outstanding ance Tendered Accepted Percen- Title of CUSIP Prior to Priority in the for tage Security Number the Offer Level Offer Purchase Accepted 5.00% Series 2004B(a) 181004CZ3 $75,000,000 1 $43,800,000 $43,800,000 100.0% 4.75% Series 2006A(b) 181004DM1 $56,000,000 2 $31,810,000 $31,145,000 97.9% 5.25% Series 2003D(b) 181004CT7 $20,000,000 3 $19,155,000 $0.00 0.0% (a) Industrial Development Refunding Revenue Bonds (Southwest Gas Corporation Project) originally issued by Clark County, Nevada, a political subdivision of the State of Nevada. (b) Industrial Development Revenue Bonds (Southwest Gas Corporation Project) originally issued by Clark County, Nevada, a political subdivision of the State of Nevada.
The complete terms and conditions of the Offer are set forth in the Offer
to Purchase dated
Banc of America Securities LLC served as the exclusive dealer manager for
This press release is neither an offer to purchase, nor a solicitation for
acceptance of the Offer. Southwest is making the Offer only by, and pursuant
to the terms of, the Offer to Purchase.
SOURCE Southwest Gas Corporation