Pinnacle West prices public offering of 9.77M shares at $66.50/share, net proceeds ~$630.5M

PINNACLE WEST CAPITAL CORP

Offering of 9,774,436 shares at $66.50 per share; net proceeds ~$630.5M before expenses.
Underwriters have option to purchase up to an additional 1,466,165 shares.
Expected to close March 4, 2024; forward sale agreements settle by September 4, 2025.
Proceeds to fund capital expenditures at Arizona Public Service and general corporate purposes.
Joint book-runners: Barclays, Citigroup, Mizuho, Wells Fargo Securities.

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