Southwest Gas launches $215M stock offering

Southwest Gas (NYSE:SWX) -4.3% post-market Tuesday after saying it commenced a public offering of $215M of common stock, with an underwriters option to purchase up to an additional $32.25M in common stock.

The company said it plans to use the net proceeds to repay outstanding borrowings under its credit facility and the remaining amounts due under the amended 364-day term loan credit agreement in connection with the acquisition of MountainWest Pipelines.

Southwest Gas (SWX) recently reported Q4 adjusted earnings of $1.16/share on revenues of $576M.