Pinnacle West Subsidiary Secures $600M in 5.10% Notes Due 2036
PNW sits 19% above its 52-week low of $85.323.
Summary
Pinnacle West Capital Corp's subsidiary, Arizona Public Service Company, completed a $600 million debt offering of 5.10% Notes due 2036, finalizing terms under a previously effective shelf registration.
Key Events · Financing and Capital Events · PNW
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Debt Offering Finalized
Arizona Public Service Company, a subsidiary, finalized an offering of $600,000,000 in 5.10% Notes due 2036, maturing on March 15, 2036.
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Pricing Details
The notes were priced at 99.790% of the principal amount, resulting in a yield to maturity of 5.127%.
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Underwriting Agreement Executed
The offering was made pursuant to an underwriting agreement with BofA Securities, J.P. Morgan Securities, Mizuho Securities, RBC Capital Markets, and Scotia Capital.
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Capital for General Purposes
The proceeds from the offering are designated for general corporate purposes, supporting the company's capital investment plans.
Analysis · PNW · Energy & Transportation
Pinnacle West Capital Corp's subsidiary, Arizona Public Service Company, has successfully finalized a significant debt offering, securing $600 million through the issuance of 5.10% Notes due 2036. This transaction, priced near par at 99.790%, provides substantial capital for general corporate purposes, including the significant capital investments outlined in the company's recent 10-K filing. The successful placement of these long-term notes at market-aligned terms demonstrates the company's strong access to capital markets and supports its financial stability and ability to fund ongoing infrastructure needs.
At the time of this filing, PNW was trading at $101.48 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $12.3B. The 52-week trading range was $85.32 to $103.21. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.