Filed under Rule 433
File No. 333-224366
Final Term Sheet
Pinnacle West Capital Corporation
$500,000,000 1.30% Senior Notes due 2025
June 10, 2020
Issuer: |
| Pinnacle West Capital Corporation |
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Expected Ratings (Moody’s / S&P / Fitch): |
| A3 (negative) / BBB+ (stable) / A- (negative) |
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| Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
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Trade Date: |
| June 10, 2020 |
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Settlement Date: |
| June 17, 2020 (T+5) |
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Security: |
| 1.30% Senior Notes due 2025 |
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Principal Amount: |
| $500,000,000 |
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Interest Payment Dates: |
| June 15 and December 15, commencing December 15, 2020 |
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Maturity Date: |
| June 15, 2025 |
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Interest Rate: |
| 1.30% |
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Benchmark Treasury: |
| 0.25% due May 31, 2025 |
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Benchmark Treasury Price / Yield: |
| 99-16 / 0.352% |
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Spread to Benchmark Treasury: |
| +95 basis points |
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Yield to Maturity: |
| 1.302% |
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Public Offering Price: |
| 99.990% per note |
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Optional Redemption: |
| Make-whole call at any time prior to May 15, 2025 at Treasury rate plus 15 basis points and, thereafter, at par |
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CUSIP/ISIN: |
| 723484 AH4 / US723484AH45 |
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Joint Book-Running Managers: |
| J.P. Morgan Securities LLC |
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| PNC Capital Markets LLC |
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| Wells Fargo Securities, LLC |
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| BNP Paribas Securities Corp. |
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| MUFG Securities Americas Inc. |
Co-Managers: |
| Drexel Hamilton, LLC |
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| Penserra Securities LLC |
Pinnacle West Capital Corporation has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents Pinnacle West Capital Corporation has filed with the SEC for more complete information about Pinnacle West Capital Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Pinnacle West Capital Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at (212) 834-4533, PNC Capital Markets LLC toll-free at (855) 881-0697 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.
