Pinnacle West Capital Corp. Files 8-K on Material Agreement

TL;DR

PNW filed an 8-K detailing a material definitive agreement and financial obligations.

AI Summary

On August 2, 2024, Pinnacle West Capital Corp. (PNW) and its subsidiary Arizona Public Service Co. entered into a Material Definitive Agreement. This filing also details the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The filing includes financial statements and exhibits related to these events.

Why It Matters

This 8-K filing indicates significant financial commitments or agreements by Pinnacle West Capital Corp. and its subsidiary, which could impact future financial performance and investor outlook.

Risk Assessment

Risk Level: medium — Material definitive agreements and financial obligations can introduce new risks or alter existing ones for a company.

Key Players & Entities

• PINNACLE WEST CAPITAL CORP (company) — Filer
• ARIZONA PUBLIC SERVICE CO (company) — Subsidiary and Filer
• 0000764622-24-000067 (document_id) — Accession Number
• August 2, 2024 (date) — Filing Date

FAQ

Filing Documents

• pnw-20240802.htm (8-K) — 49KB
• pnw-amendmentno1to2023cred.htm (EX-10.1) — 78KB
• aps-amendmentno1to2023cred.htm (EX-10.2) — 78KB
• 0000764622-24-000067.txt ( ) — 385KB
• pnw-20240802.xsd (EX-101.SCH) — 3KB
• pnw-20240802_def.xml (EX-101.DEF) — 14KB
• pnw-20240802_lab.xml (EX-101.LAB) — 26KB
• pnw-20240802_pre.xml (EX-101.PRE) — 15KB
• pnw-20240802_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. First Amendment to the Pinnacle West Capital Corporation ("Pinnacle West") Facility On August 2, 2024, Pinnacle West entered into the Amendment No. 1 (the "Pinnacle West First Amendment") to its five-year unsecured revolving credit facility (the "Pinnacle West Facility"), dated April 10, 2023, with Barclays Bank PLC, as Agent, Co-Sustainability Structuring Agent and Issuing Bank, Mizuho Bank, Ltd., as Co-Syndication Agent, Co-Sustainability Structuring Agent and Issuing Bank, Wells Fargo Bank, National Association, as Co-Syndication Agent and Issuing Bank, Bank of America, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., PNC Bank, National Association, and Truist Bank, as Co-Documentation Agents and Issuing Banks, and the other lender parties thereto. The Pinnacle West First Amendment amends the Pinnacle West Facility by extending the maturity date of the Pinnacle West Facility by one year from April 10, 2028 to April 10, 2029 and by providing a mechanism to either update the Sustainability Table (as defined in the Pinnacle West Facility), which provides for a sustainability-linked pricing feature, or, in certain circumstances, terminate the sustainability-linked pricing feature for the final year of the Pinnacle West Facility. All other terms of the Pinnacle West Facility remain substantially the same except for as otherwise amended by the Pinnacle West Amendment. A copy of the Pinnacle West Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing description of the Pinnacle West Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Pinnacle West Amendment. First Amendment to the Arizona Public Service Company ("APS") Facility On August 2, 2024, APS entered into the Amendment No. 1 (the "APS First Amendment") to its five-year unsecured revolving credit facility (the "APS F

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 1 to the S econd Amended and Restated Five-Year Credit Agreement, dated as of April 10, 2023, among Pinnacle West, as Borrower, Barclays Bank PLC, as Agent, Co-Sustainability Structuring Agent and Issuing Bank, and the lenders and other parties thereto 10.2 Amendment No. 1 to the F ive-Year Credit Agreement, dated as of April 10, 2023, among APS, as Borrower, Barclays Bank PLC, as Agent, Co-Sustainability Structuring Agent and Issuing Bank, and the lenders and other parties thereto 104 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PINNACLE WEST CAPITAL CORPORATION (Registrant) Dated: August 2, 2024 By: /s/ Andrew Cooper Andrew Cooper Senior Vice President and Chief Financial Officer ARIZONA PUBLIC SERVICE COMPANY (Registrant) Dated: August 2, 2024 By: /s/ Andrew Cooper Andrew Cooper Senior Vice President and Chief Financial Officer