Pinnacle West drops on convertible debt deal plans

Pinnacle West Capital

03/06/2024 12:33

** Pinnacle West's  PNW.N  shares down 3.7% at $76 premarket
as utility firm looks to raise capital
    ** Co says offering privately $450 mln convertible bonds due
2027
    ** It says plans to use net offering proceeds for general
corp purposes, including debt repayment/refinancing, working
capital and investments in operating subsidiary, Arizona Public
Service Company
    ** Pinnacle has ~$9 bln market cap, per LSEG data
    ** Through Fri, PNW up 9.8% YTD vs S&P 500 Utilities
 .SPLRCU  14.2% advance and S&P 500's  .SPX  10.6% gain
    ** Avg rating among 14 analysts covering PNW is "buy" and
median PT is $78

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))