The company said it set the public offering price at $66.50 per share for 9,774,436 shares of common stock, priced on February 29, 2024. It granted the underwriters an option to buy up to an additional 1,466,165 shares.

1. 01

   The company said it set the public offering price at $66.50 per share for 9,774,436 shares of common stock, priced on February 29, 2024. It granted the underwriters an option to buy up to an additional 1,466,165 shares.

2. 02

   The company said the approximate net proceeds from the offering are $630.5 million. That figure is before offering expenses and assumes the underwriters do not exercise their option to buy additional shares and that the forward sale agreements are fully settled through physical delivery of shares.

3. 03

   The company said it entered into forward sale agreements with Mizuho Markets Americas LLC and Wells Fargo Bank, National Association, and expects each agreement to settle by September 4, 2025. It said it will not initially receive any proceeds from the forward sellers' sale of shares.

4. 04

   The company said that if it elects physical settlement, it plans to invest the net proceeds it receives in its principal subsidiary, Arizona Public Service Company, to fund capital expenditures and general corporate purposes. The offering is expected to close on March 4, 2024, subject to customary conditions.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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