PHOENIX – Pinnacle West Capital Corporation (NYSE: PNW) announced today that it has commenced a public offering of 5.3 million shares of its common stock. The offering price of the shares will be determined by market conditions at the time of pricing, in consultation with the underwriters.
In connection with the offering, the Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 795,000 shares of the Company’s common stock to cover any over-allotments.
Lehman Brothers Inc. is acting as the sole book-running manager for the transaction. Citigroup Global Markets Inc. and Credit Suisse First Boston LLC are acting as co-managers.
A shelf registration statement relating to the securities in this offering has been filed with the Securities and Exchange Commission and has become effective.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from Lehman Brothers, Prospectus Department, c/o ADP Financial Services Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, N.Y., 11717 or by e-mailing monica_castillo@adp.com; from Citigroup Smith Barney, Prospectus Department, 140 58th Street, 8th Floor, Brooklyn, NY, 11220; or from Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, NY, 10010.
Pinnacle West is a Phoenix-based company with consolidated assets of approximately $10 billion. Through its subsidiaries, the company generates, sells and delivers electricity and sells electricity and energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.
Contacts
Media:
Alan Bunnell, (602) 250-3376
Analyst:
Rebecca Hickman, (602) 250-5668
Lisa Malagon, (602) 250-5671