Bank of America just raised its EUR/USD forecast
Southwest Gas Holdings, Inc. (NYSE:SWX), a $5.3 billion utility company currently trading at $73.75 per share, announced Wednesday that its subsidiary, Southwest Gas Corporation, has amended its existing revolving credit agreement. According to a statement based on a Securities and Exchange Commission filing, the amendment was executed on June 27 with Bank of America, N.A. acting as administrative agent and swingline lender, along with other participating lenders.
The amendment, referred to as the First Amendment to the Revolving Credit Agreement originally dated August 1, 2024, introduces a swingline sub-facility to the agreement. In addition, the amendment adds a one-week interest period option. Under this option, the applicable interest rate will be equal to the Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.03839% and the relevant margin.
The company stated that the amendment is incorporated as Exhibit 10.1 to the SEC filing. Certain personal information in the exhibit has been omitted in accordance with regulatory requirements.
Southwest Gas Holdings, Inc. is incorporated in Delaware and is headquartered in Las Vegas, Nevada. Its common stock is listed on the New York Stock Exchange under the ticker symbol SWX.
This summary is based on a press release statement and information disclosed in the company’s SEC filing.
In other recent news, Southwest Gas Holdings reported its first-quarter 2025 financial results, revealing a mixed performance. The company exceeded earnings per share (EPS) expectations, posting $1.65 compared to the forecasted $1.42. However, revenue fell short, reaching $1.3 billion against the anticipated $1.53 billion. Despite the revenue miss, Southwest Gas reaffirmed its 2025 net income guidance of $265-$275 million. In a strategic move, Southwest Gas conducted a secondary offering of 9 million Centuri shares and a $50 million private placement to Icahn Investors, reducing its ownership in Centuri to approximately 66%. This generated around $225 million in net proceeds, which Bank of America Securities noted should cover equity needs through 2025-2026. Consequently, Bank of America Securities upgraded Southwest Gas’s stock rating from Underperform to Neutral, raising the price target to $74. The upgrade reflects improved views on the company’s regulatory environment in Arizona and its strategic financial actions.
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