Pinnacle West Prices Public Offering Of 9.77 Mln Shares

(RTTNews) - Pinnacle West Capital Corp. (PNW), an electric utility company, Thursday announced the pricing of its public offering of 9.77 million common shares for net proceeds of $630.5 million.

The common shares are priced at $66.50 per share.

The company has granted underwriters the option to purchase up to an additional 1,466,165 shares of its common stock.

Barclays, Citigroup, Mizuho, and Wells Fargo Securities are serving as the joint book-running managers for this offering.

The offering is expected to close on March 4.

In premarket activity, Pinnacle West shares are trading at $67.30, up 0.60% on the New York Stock Exchange.