Pinnacle West Capital Corp. Files 8-K with Financial Updates
Ticker: PNW · Form: 8-K · Filed: 2024-06-06T00:00:00.000Z
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation, equity-securities
Related Tickers: PNW
TL;DR
Pinnacle West Capital Corp. filed an 8-K detailing new financial obligations and equity sales.
AI Summary
On June 6, 2024, Pinnacle West Capital Corp. entered into a Material Definitive Agreement related to a direct financial obligation. The company also reported on unregistered sales of equity securities and filed financial statements and exhibits. Specific details regarding the agreement and financial obligations are not fully disclosed in this initial filing.
Why It Matters
This filing indicates new financial obligations and potential equity transactions for Pinnacle West Capital Corp., which could impact its financial structure and shareholder value.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and financial obligations, which inherently carry financial risk for the company and its investors.
Key Players & Entities
- Pinnacle West Capital Corp. (company) — Registrant
- June 6, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Pinnacle West Capital Corp. on June 6, 2024?
The filing indicates the entry into a Material Definitive Agreement, but the specific details of the agreement are not fully elaborated in this initial report.
What type of direct financial obligation did Pinnacle West Capital Corp. undertake?
The filing states the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, but the exact nature and amount are not specified in this report.
What information is provided regarding unregistered sales of equity securities?
The filing notes that there were unregistered sales of equity securities, but further details are not provided in this summary.
What financial statements and exhibits are included with this 8-K filing?
The filing states that Financial Statements and Exhibits are being filed, but the specific content of these documents is not detailed here.
What is the primary business of Pinnacle West Capital Corp. according to the filing?
Pinnacle West Capital Corp. is classified under ELECTRIC SERVICES [4911].
Filing Stats: 1,348 words · 5 min read · ~4 pages · Grade level 13 · Accepted 2024-06-06 16:30:42
Key Financial Figures
- $525 million — pleted its previously announced sale of $525 million aggregate principal amount of its 4.75%
- $1,000 — y be 10.8338 shares of Common Stock per $1,000 principal amount of Notes (equivalent t
- $92.30 — itial conversion price of approximately $92.30 per share of Common Stock). The initial
Filing Documents
- tm2413531d6_8k.htm (8-K) — 34KB
- tm2413531d6_ex4-1.htm (EX-4.1) — 689KB
- tm2413531d6_ex4-1sp02img005.jpg (GRAPHIC) — 2KB
- tm2413531d6_ex4-1sp02img006.jpg (GRAPHIC) — 3KB
- tm2413531d6_ex4-1sp02img007.jpg (GRAPHIC) — 9KB
- tm2413531d6_ex4-1sp02img008.jpg (GRAPHIC) — 8KB
- tm2413531d6_ex4-1sp02img009.jpg (GRAPHIC) — 8KB
- tm2413531d6_ex4-1sp02img010.jpg (GRAPHIC) — 4KB
- 0001104659-24-069111.txt ( ) — 1074KB
- pnw-20240606.xsd (EX-101.SCH) — 3KB
- pnw-20240606_lab.xml (EX-101.LAB) — 33KB
- pnw-20240606_pre.xml (EX-101.PRE) — 22KB
- tm2413531d6_8k_htm.xml (XML) — 3KB
03 Creation of Direct Financial Obligation or an Obligation
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The Company issued the Notes in a private placement pursuant to Rule 144A under the Securities Act. The Notes and shares of Common Stock issuable upon conversion of the Notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Indenture, dated as of June 6, 2024, between Pinnacle West Capital Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee. 4.2 Form of 4.75% Convertible Senior Note due 2027 (included as Exhibit A to the Indenture filed as Exhibit 4.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PINNACLE WEST CAPITAL CORPORATION (Registrant) Dated: June 6, 2024 By: /s/ Andrew Cooper Andrew Cooper Senior Vice President and Chief Financial Officer