Southwest Gas Holdings: Initiation of Coverage – What’s Next After The Successful Restructuring?

Southwest Gas Holdings reported its first-quarter results for 2024, outlining both its achievements and challenges. The company successfully closed the initial public offering (IPO) of Centuri, which netted approximately $329 million in cash proceeds. This IPO is a significant move in Southwest Gas’s strategy to focus on its core natural gas utility operations, and it led to a reduction of Centuri’s debt by $316 million. This development is crucial in strengthening both Centuri and Southwest Gas Holdings’ financial standing.