Southwest Gas hopes to borrow up to $250 million in bonds

Southwest Gas Corp. wants to borrow up to $250 million, mostly to pay down existing debt.

The Las Vegas-based investor-owned utility said today the newly issued bonds would pay 4.875 percent interest and mature on Oct. 1, 2043.

The company said it plans to use about $180 million of the proceeds to “temporarily pay down, in full,” the amount owed from a revolving credit line. The remaining proceeds “may” be spent on general corporate purposes, it added.

Southwest Gas provides natural-gas service to 1.9 million customers in Nevada, Arizona and California.