By Cristal Cody
Tupelo, Miss., Nov. 16 – Arizona Public Service Co. priced a $105 million reopening of its 2.6% senior notes due Aug. 15, 2029 (A2/A-/A) on Monday at 107.447 to yield 1.656%, or a spread of 75 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price guidance was in the 90 bps to 95 bps over Treasuries area.
The notes were first issued in a $300 million offering on Aug. 12, 2019 at 99.869 to yield 2.615%, or a Treasuries plus 98 bps spread. The total outstanding is now $405 million.
Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and MUFG were the bookrunners.
Proceeds will be used to redeem the $49.4 million outstanding of 1994 series A Farmington, N.M., pollution control revenue refunding bonds due May 1, 2024 and the $65.75 million outstanding of 1994 series B Farmington, N.M., pollution control revenue refunding bonds due Sept. 1, 2024.
Phoenix-based Arizona Public Service is an electric utility and subsidiary of Pinnacle West Capital Corp.
| Issuer: | Arizona Public Service Co.
|
| Amount: | $105 million reopening
|
| Description: | Senior notes
|
| Maturity: | Aug. 15, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and MUFG
|
| Coupon: | 2.6%
|
| Price: | 107.447
|
| Yield: | 1.656%
|
| Spread: | Treasuries plus 75 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before May 15, 2029; thereafter at par
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 90 bps-95 bps area
|
| Total outstanding: | $405 million, including $300 million of notes priced Aug. 12, 2019 at 99.869 to yield 2.615%, or Treasuries plus 98 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
