By Cristal Cody
Tupelo, Miss., Nov. 28 – Pinnacle West Capital Corp. priced $300 million of 2.25% three-year senior notes on Tuesday at a spread of 43 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes (A3/BBB+/A-) priced at 99.937 to yield 2.272%.
Barclays, Mizuho Securities USA LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including the repayment at or before maturity of a $125 million term loan due Dec. 31, 2017.
Pinnacle West is a Phoenix-based holding company that receives revenue from subsidiary electric utility Arizona Public Service Co.
| Issuer: | Pinnacle West Capital Corp.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 30, 2020
|
| Bookrunners: | Barclays, Mizuho Securities USA LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 2.25%
|
| Price: | 99.937
|
| Yield: | 2.272%
|
| Spread: | Treasuries plus 43 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps
|
| Trade date: | Nov. 28
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
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