By Cristal Cody
Tupelo, Miss., March 16 – Arizona Public Service Co. priced a $250 million add-on to its 4.35% notes due Nov. 15, 2045 (A2/A-/A) at a spread of 110 basis points over Treasuries on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 101.529 to yield 4.256%.
The company originally sold $250 million of the notes on Nov. 3, 2015 at 99.866 to yield 4.358% and a spread of 135 bps over Treasuries.
The total outstanding is now $500 million.
BNP Paribas Securities Corp., BofA Merrill Lynch, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. were the bookrunners for the add on.
Proceeds will be used to refinance commercial paper borrowings and replenish cash temporarily used to fund capital expenditures.
Arizona Public Service is an electric utility based in Phoenix and a subsidiary of Pinnacle West Capital Corp.
| Issuer: | Arizona Public Service Co.
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| Amount: | $250 million reopening
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| Description: | Notes
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| Maturity: | Nov. 15, 2045
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| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | BB&T Capital Markets, PNC Capital Markets LLC, Academy Securities, Inc. and Drexel Hamilton, LLC
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| Coupon: | 4.35%
|
| Price: | 101.529
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| Yield: | 4.256%
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| Spread: | Treasuries plus 110 bps
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| Trade date: | March 16
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| Settlement date: | March 21
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| Call features: | Make-whole call before May 15, 2045 at Treasuries plus 25 bps; thereafter at par
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| Ratings: | Moody’s: A2
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| S&P: A-
|
| Fitch: A
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| Distribution: | SEC registered
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| Total outstanding: | $500 million
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