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Southwest Gas closes $300M senior note offering to fully pay revolver debt

Southwest Gas Corp. closed an offering of $300 million of its 3.70% senior notes due 2028, with most of the proceeds to be channeled towards repayment of revolver debt, according to a March 15 SEC filing.

The company received net proceeds of about $296.7 million, of which $282 million would be allocated for revolver debt repayment. The rest would be used to pay down debt under the company's commercial paper program.

The notes, bearing a fixed annual interest rate of 3.70%, will mature April 1, 2028, with interest payments occurring semiannually on April 1 and Oct. 1 of each year until the maturity date starting Oct. 1.

KeyBanc Capital Markets Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. acted as joint book-running managers for the offering.