Pinnacle West Capital intends to sell notes through five bookrunners

By Devika Patel

Knoxville, Tenn., June 10 – Pinnacle West Capital Corp. is planning to price an offering of senior notes, according to a 424B3 filed with the Securities and Exchange Commission.

The notes will have a make-whole call and then are callable at par.

J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp. and MUFG are the bookrunners. Drexel Hamilton LLC and Penserra Securities LLC are the co-managers.

Proceeds will be used to repay all or a portion of the company’s $150 million term loan, to repay short-term debt and/or replenish cash used for capital expenditures, to redeem or otherwise pay at or prior to maturity all or a portion of the company’s $300 million of 2.25% senior notes due Nov. 30, 2020 and for general corporate purposes.

Pinnacle West Capital is a holding company that derives essentially all of its revenues and earnings through electric utility Arizona Public Service. Both are based in Phoenix.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.