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Pinnacle West Capital Corporation (PNW) provides essential energy services to Arizona through its regulated utility operations and diversified investments. This news hub offers investors and stakeholders centralized access to official announcements, financial disclosures, and strategic developments from the parent company and its subsidiaries.
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Bookmark this page for direct access to primary source materials from one of the Southwest's most established energy providers. Check regularly for updates on nuclear facility operations, solar energy partnerships, and regulatory developments shaping Arizona's power landscape.
Pinnacle West Capital Corp. (NYSE: PNW) has announced an upsized and priced offering of $475 million in aggregate principal of 4.75% convertible senior notes due 2027. This is an increase from the initially planned $450 million offering. The company has also granted an option for an additional $50 million of notes to initial purchasers. The offering is expected to close on June 6, 2024, pending customary conditions. Net proceeds are anticipated to be around $468 million, or $517.4 million if the additional option is exercised in full. Pinnacle West plans to use the proceeds for general corporate purposes, potentially including debt repayment, working capital, and investments in its Arizona Public Service Company subsidiary. The notes will bear an interest rate of 4.75% annually and will mature on June 15, 2027. The conversion rate is set at 10.8338 shares per $1,000 of notes, representing a 20% premium over the last reported sale price. The offering is being made under Rule 144A of the Securities Act and will not be registered under federal or state securities laws.
Pinnacle West Capital Corp. (NYSE: PNW) has announced its intention to offer $450 million in convertible senior notes due 2027 through a private placement under the Securities Act of 1933. An additional $67.5 million may be offered within 13 days of the initial issue. The proceeds will be used for general corporate purposes, including debt repayment, working capital, and investments in its subsidiary, Arizona Public Service Company. The notes are senior unsecured obligations, convertible under certain conditions, with interest payable semiannually. Conversion settlements can be in cash, common stock, or a combination of both. The offering targets qualified institutional buyers and is not registered under the Securities Act or state securities laws, limiting its sale in the U.S. or to U.S. persons.
Pinnacle West Capital Corp. (NYSE: PNW) reported consolidated net income of $16.9 million for the first quarter of 2024, compared to a loss in the same period in 2023. The positive results were driven by increased customer growth, higher revenue, new rates, and the sale of a former subsidiary. The company reaffirmed its full-year 2024 guidance amidst a thriving service territory and preparations for summer reliability and safety.
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