Pinnacle West Announces Proposed Offering of $450M of Convertible Senior Notes Due 2027 for Debt Repayment

Pinnacle West Capital Corp. (NYSE:PNW) ("Pinnacle West") announced today that it intends to offer, subject to market and other conditions, $450 million aggregate principal amount of its convertible senior notes due 2027 (the "convertible notes") in a private placement under the Securities Act of 1933, as amended (the "Securities Act"). Pinnacle West also intends to grant the initial purchasers of the convertible notes an option to purchase, within a 13-day period from, and including, the date on which the convertible notes are first issued, up to an additional $67.5 million aggregate principal amount of the convertible notes.

Pinnacle West intends to use the net proceeds from the offering of the convertible notes for general corporate purposes, which may include repayment or refinancing of debt, working capital and investments in its operating subsidiary, Arizona Public Service Company.