New Issue: Arizona Public Service prices $300 million 3.15% 10-year notes at 95 bps spread

By Aleesia Forni

Virginia Beach, May 14 – Arizona Public Service Co. priced $300 million 3.15% 10-year senior notes (A3/A-/A-) on Thursday at Treasuries plus 95 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.474 to yield 3.212%.

The bookrunners are BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, MUFG and U.S. Bancorp Investments Inc.

Proceeds will be used to repay short-term borrowings, including commercial paper and credit facility borrowings.

Arizona Public Service is an electric utility based in Phoenix and a subsidiary of Pinnacle West Capital Corp.

Issuer:	Arizona Public Service Co.
Amount:	$300 million
Description:	Senior notes
Maturity:	May 15, 2025
Bookrunners:	BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, MUFG, U.S. Bancorp Investments Inc.
Co-managers:	Blaylock Beal Van LLC, Drexel Hamilton, Williams Capital Group LP
Coupon:	3.15%
Price:	99.474
Yield:	3.212%
Spread:	Treasuries plus 95 bps
Make-whole call:	15 bps prior to Feb. 15, 2025, then callable at par
Trade date:	May 14
Settlement date:	May 19
Ratings:	Moody’s: A3
	Standard & Poor’s: A-
	Fitch: A-
Distribution:	SEC registered
Price guidance:	100 bps area over Treasuries

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