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Southwest Gas Corporation Announces Completion of Tender Offer for Debt Securities

December 17, 2008

LAS VEGAS, Dec. 17 /PRNewswire-FirstCall/ — Southwest Gas Corporation
(NYSE: SWX) today announced that it completed its tender offer (the “Offer”)
to purchase for cash up to $75 million aggregate principal amount of the
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
issued by Clark County, Nevada, a political subdivision of the State of
Nevada
.

As of 5:00 p.m., New York City time, on December 16, 2008, the expiration
date for the Offer, Southwest accepted $74,945,000 in aggregate principal
amount of the Bonds tendered in the Offer pursuant to the Offer to Purchase
for an aggregate of $57,744,231 in tender offer consideration (including
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
exceeded $75,000,000, only a portion of the tendered Bonds were accepted for
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 December 3, 2008, which was previously sent to holders of
the Bonds.

Banc of America Securities LLC served as the exclusive dealer manager for
the Offer.

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


Source: newswire



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