BUZZ-Pinnacle West drops on convertible debt deal plans

** Pinnacle West's PNW.N shares down 3.7% at $76 premarket as utility firm looks to raise capital

** Co says offering privately $450 mln convertible bonds due 2027

** It says plans to use offering proceeds for general corp purposes, including debt repayment/refinancing, working capital and investments in operating subsidiary, Arizona Public Service Company

** Pinnacle has ~$9 bln market cap, per LSEG data

** Through Fri, PNW up 9.8% YTD vs S&P 500 Utilities .SPLRCU 14.2% advance and S&P 500's .SPX 10.6% gain

** Avg rating among 14 analysts covering PNW is "buy" and median PT is $78

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))