Pinnacle West said it plans to issue $450 million in aggregate principal amount of convertible senior notes due 2027 to persons reasonably believed to be qualified institutional buyers under Rule 144A on June 3, 2024, subject to market conditions and other factors. The company said the offering is 2027.

8-KRegulation FD DisclosureFiled Jun 3, 2024Period of report Jun 3, 2024Summary published (UTC) Oct 30, 2026

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Pinnacle West said it plans to issue $450 million in aggregate principal amount of convertible senior notes due 2027 to persons reasonably believed to be qualified institutional buyers under Rule 144A on June 3, 2024, subject to market conditions and other factors. The company said the offering is 2027.
The company said it plans to grant the initial purchasers an option to buy up to an additional $67.5 million in principal amount within 13 days from and including the date the convertible notes are first issued. It also said there is no assurance the offering will be completed on its anticipated terms, or at all.
The company said the convertible notes will be senior unsecured obligations and interest will be payable semiannually in arrears. It said it will settle conversions by paying cash up to the aggregate principal amount being converted, and will pay or deliver cash, shares of common stock, or a combination of both, at its election, for any conversion obligation in excess of that principal amount.
Pinnacle West said it intends to use the net proceeds for general corporate purposes, which may include repaying or refinancing debt, working capital and investments in its operating subsidiary, Arizona Public Service Company. It said the interest rate, initial conversion rate and other terms will be determined through negotiations with the initial purchasers.

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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.

Pinnacle West Proposes $450 million Convertible Senior Notes Offering

Pinnacle West said it plans to issue $450 million in aggregate principal amount of convertible senior notes due 2027 to persons reasonably believed to be qualified institutional buyers under Rule 144A on June 3, 2024, subject to market conditions and other factors. The company said the offering is 2027.

Source · Based on the filing body and exhibits

Purchase Option and Uncertainty Over Completion of Offering

The company said it plans to grant the initial purchasers an option to buy up to an additional $67.5 million in principal amount within 13 days from and including the date the convertible notes are first issued. It also said there is no assurance the offering will be completed on its anticipated terms, or at all.

Source · Based on the filing body and exhibits

Note Terms and Conversion Settlement Method

The company said the convertible notes will be senior unsecured obligations and interest will be payable semiannually in arrears. It said it will settle conversions by paying cash up to the aggregate principal amount being converted, and will pay or deliver cash, shares of common stock, or a combination of both, at its election, for any conversion obligation in excess of that principal amount.

Source · Based on the filing body and exhibits

Use of Net Proceeds; Interest Rate and Conversion Rate Not Yet Set

Pinnacle West said it intends to use the net proceeds for general corporate purposes, which may include repaying or refinancing debt, working capital and investments in its operating subsidiary, Arizona Public Service Company. It said the interest rate, initial conversion rate and other terms will be determined through negotiations with the initial purchasers.

Source · Based on the filing body and exhibits

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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