news-release-details

Pinnacle West Announces Plans for Public Offering of Common Stock

12/15/2002

PHOENIX- Pinnacle West Capital Corporation (NYSE: PNW) announced today that it plans a public offering of 5.7 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 of the offering.

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 855,000 shares of the Company’s common stock to cover over-allotments, if any.

The net proceeds from the sale of the offering will be used to pay down debt incurred to finance the development and construction of new generation facilities.

The joint book-running managers for the offering are Credit Suisse First Boston and Salomon Smith Barney Inc.

A shelf registration statement relating to the securities in this offering has been filed with the Securities and Exchange Commission and has become effective. The Company expects the proposed sale of the securities to commence later this week.

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 Credit Suisse First Boston, Prospectus Dept., One Madison Ave., New York, N.Y., 10010 or by calling (212) 325-2580; or from Salomon Smith Barney Inc. at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY, 11220 or by calling (718) 567-2000.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $8.5 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

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