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Pinnacle West Capital Corp. (NYSE:PNW) ("Pinnacle West") announced today that it is commencing a registered public offering of $650 million of its common stock in connection with the forward sale agreements described below, subject to market and other conditions.
Pinnacle West intends to grant the underwriters the option to purchase up to an additional $97.5 million of its common stock. If such option is exercised, Pinnacle West may, in its sole discretion, enter into additional forward sale agreements with the forward purchasers in respect of, in the aggregate, the number of additional shares of Pinnacle West's common stock that are subject to the exercise of such option, and Pinnacle West currently anticipates that, if such option is exercised, it will do so.
Barclays, Citigroup, Mizuho and Wells Fargo Securities are acting as joint book-running managers for this offering. The underwriters may offer shares of Pinnacle West's common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Posted In: PNW
