07:25 AM EDT, 06/04/2024 (MT Newswires) -- Pinnacle West Capital ( PNW ) said Tuesday that it has upsized its current offering of 4.75% convertible senior notes due 2027 to $475 million from $450 million previously.

Initial purchasers are given an option to purchase up to an additional $50 million of the convertible notes, Pinnacle West said.

The offering is slated to be completed on Thursday, with net proceeds of $468 million or $517.4 million if options are fully exercised.

The convertible notes will be Pinnacle West's senior unsecured obligations, maturing on June 15, 2027.

Price: 76.30, Change: -0.62, Percent Change: -0.81