Centuri launches $160 million public stock offering

Centuri Holdings, Inc. (NYSE: CTRI) announced the commencement of an underwritten public offering of $160 million of common stock shares. The utility infrastructure services company also granted underwriters a 30-day option to purchase up to an additional $24 million of shares.

Investment entities affiliated with Carl C. Icahn will purchase approximately $75 million of Centuri common stock in a concurrent private placement at the same price per share as the public offering. The Icahn entities include Icahn Partners LP and Icahn Partners Master Fund LP.

The private placement is expected to close immediately following the public offering and is subject to customary closing conditions, including completion of the public offering. The public offering's closing does not depend on the private placement's completion.

Centuri intends to use net proceeds from both transactions for general corporate purposes, which may include funding acquisitions and repaying borrowings under its current credit agreement.

J.P. Morgan, Wells Fargo Securities, BofA Securities and KeyBanc Capital Markets are serving as joint lead book-running managers for the offering.

The company filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission, which has been declared effective. The private placement securities have not been registered under the Securities Act of 1933.

Centuri Holdings is a utility infrastructure services company that partners with regulated utilities to build and maintain energy networks across the United States and Canada.

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