Pinnacle West closes $525M of 4.75% Convertible Senior Notes due 2027

PINNACLE WEST CAPITAL CORP

$525M aggregate principal amount, including full exercise of initial purchasers' option.
Notes bear 4.75% interest, payable semi-annually, maturing June 15, 2027.
Initial conversion rate of 10.8338 shares per $1,000 principal (conversion price ~$92.30, 20% premium to last sale).
Notes are senior unsecured obligations, convertible into cash and/or common stock at holder's option under conditions.
Issued via private placement under Rule 144A; not registered under Securities Act.

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