Pinnacle West Announces Proposed Offering of $450M of Convertible Senior Notes Due 2027 for Debt Repayment
Portfolio Pulse from Benzinga Newsdesk
Pinnacle West Capital Corp. (NYSE:PNW) announced a proposed offering of $450 million in convertible senior notes due 2027. The proceeds will be used for general corporate purposes, including debt repayment, working capital, and investments in its subsidiary, Arizona Public Service Company.
June 03, 2024 | 10:52 am
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Pinnacle West Capital Corp. (NYSE:PNW) is offering $450 million in convertible senior notes due 2027. The funds will be used for debt repayment, working capital, and investments in its subsidiary.
The offering of convertible senior notes is likely to provide Pinnacle West with additional liquidity, which can be used to manage debt and invest in its operations. This could be seen positively by investors, potentially leading to a short-term increase in stock price.
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