| Item 1.01 | Entry into a Material Definitive Agreement. |
Southwest Gas Holdings, Inc. Amendment No. 1 to its Amended and Restated Revolving Credit Agreement
On December 28, 2021, Southwest Gas Holdings, Inc. entered into Amendment No. 1 (“Holdco Agreement Amendment No. 1”) to the Amended and Restated Revolving Credit Agreement, dated as of April 10, 2020, with the lenders party thereto, and The Bank of New York Mellon, as Administrative Agent, which, after giving effect to Holdco Agreement Amendment No. 1, provides for up to $200 million in revolving borrowing capacity. As of December 28, 2021, $59 million in aggregate principal amount was outstanding under the Southwest Gas Holdings, Inc. credit facility.
Holdco Agreement Amendment No. 1, among other things, (1) extends the maturity date of the credit facility to December 28, 2026, (2) increases the total commitment amount by $100 million to $200 million, (3) increases the amount to which the total commitment may be increased from $200 million to $300 million, and (4) replaces London Interbank Offered Rate (“LIBOR”) interest rate benchmarks with Secured Overnight Financing Rate (“SOFR”) interest rate benchmarks.
Southwest Gas Corporation Amendment No. 1 to its Amended and Restated Credit Agreement
On December 28, 2021, Southwest Gas Corporation entered into Amendment No. 1 (“Southwest Gas Agreement Amendment No. 1” and, together with Holdco Agreement Amendment No. 1, the “Amendments”) to the Amended and Restated Revolving Credit Agreement, dated as of April 10, 2020, with the lenders party thereto, and The Bank of New York Mellon, as Administrative Agent, which provides for up to $400 million in revolving borrowing capacity. As of December 28, 2021, $153 million in aggregate principal amount was outstanding under the Southwest Gas Corporation credit facility.
Southwest Gas Agreement Amendment No. 1, among other things, replaces LIBOR interest rate benchmarks with SOFR interest rate benchmarks.
The descriptions of the Amendments do not purport to be complete and are qualified in their entirety by reference to the Amendments, which are filed as Exhibit 10.1 and Exhibit 10.2 hereto and incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure set forth under Item 1.01 is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
