Chicago, Nov. 4 – Arizona Public Service Co. priced $400 million of 6.35% notes due 2032 (A3/BBB+/A-) at 99.863 in the Friday market, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a 6.367% yield, or at Treasuries plus 220 basis points.
The notes are callable with a Treasuries plus 35 bps make-whole premium until Sept. 15, 2032, then at par.
BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The company will use proceeds to repay short-term debt consisting of commercial paper or to replenish cash incurred to fund capital expenditures and for general corporate purposes.
Arizona Public Service is an electric utility wholly owned by Pinnacle West Capital Corp. The companies are based in Phoenix.
| Issuer: | Arizona Public Service Co.
|
| Amount: | $400 million
|
| Issue: | Notes
|
| Maturity: | Dec. 15, 2032
|
| Bookrunners: | BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc. and Academy Securities, Inc.
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house
|
| Counsel to underwriters: | Pillsbury Winthrop Shaw Pittman LLP
|
| Coupon: | 6.35%
|
| Price: | 99.863
|
| Yield: | 6.367%
|
| Spread: | Treasuries plus 220 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps until Sept. 15, 2032; thereafter at par
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 8
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| Ratings: | Moody’s: A3
|
| S&P: BBB+
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| Fitch: A-
|
| Distribution: | SEC registered
|
| Cusip: | 040555DE1
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