Pinnacle West prices $475M of 4.75% convertible senior notes due 2027; upsized from $450M

PINNACLE WEST CAPITAL CORP

Issued $475M of 4.75% convertible senior notes due 2027, upsized from $450M; optional additional $50M from initial purchasers.
Net proceeds ~$468M ($517.4M with option); used for general corporate purposes, incl. debt repayment and APS investments.
Initial conversion price ~$92.30/share, a 20% premium over June 3 closing; non-callable by company prior to maturity.
Matures June 15, 2027; interest 4.75% paid semi-annually; holders may convert under conditions from March 15, 2027.
Private placement to QIBs via Rule 144A; expected close June 6, 2024; notes not registered under Securities Act.

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