Pinnacle West sets up up to $900 million equity sale program, including forward sales
Pinnacle West Capital entered into an Equity Distribution Agreement on November 8, 2024, covering sales of its common stock with an aggregate gross sales price of up to $900 million through eight managers and related forward sale arrangements. The company has no obligation to sell any shares and may suspend sales at any time, and the filing does not state how many shares will be sold. The company intends to use net proceeds mainly for investment in Arizona Public Service Company, including capital expenditures, repayment of commercial paper, or general corporate purposes.
Key points
- Agreement dated November 8, 2024, with BofA Securities, Barclays, J.P. Morgan, Mizuho, MUFG, TD Securities, Truist and Wells Fargo as managers and forward sellers
- Aggregate gross sales price of up to $900 million, and any forward sale arrangements count toward the same cap
- Managers receive a commission of up to 1% of the gross sales price per share sold; forward sellers receive up to 1% of gross sales prices of borrowed shares sold
- Shares are registered on Form S-3 (Registration No. 333-277448) with a prospectus supplement dated November 8, 2024
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 08, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.