Pinnacle West plans $450M convertible senior notes offering due 2027

PINNACLE WEST CAPITAL CORP

Offers $450M aggregate principal of convertible senior notes due 2027 in private placement to qualified institutional buyers.
Initial purchasers have option to purchase additional $67.5M within 13 days of issuance.
Net proceeds for general corporate purposes, including debt repayment, working capital, and investments in Arizona Public Service.
Notes are senior unsecured; conversions settled in cash up to principal and cash/stock for excess at Pinnacle West's election.

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