Pinnacle West enters equity distribution agreement for up to $500 million at-the-market share sales
PNW•Forward sale terms and program limits
The program also allows forward sale agreements; the company expects physical settlement, receiving cash based on the forward sale price.
The forward sale price adjusts daily for an overnight bank rate factor less a spread, reduced for expected dividends during the term.
The company can suspend sales; the program ends when $500 million is sold or the agreement is terminated.
Equity distribution agreement for at-the-market offering
Pinnacle West entered an equity distribution agreement for an at-the-market offering of up to $500 million of common stock.
Sales may be executed through managers on the NYSE or other permitted channels; managers’ commissions run up to 1% per share sold.
