Arizona Public Service to sell $400 million long 10-year senior notes; talk 105 bps area spread

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 11 – Arizona Public Service Co. plans to sell $400 million of long 10-year fixed-rate senior notes with price talk in the 105 basis points area over Treasuries, a market source told Prospect News.

The notes due Dec. 15, 2031 feature a make-whole call and then a par call.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG and Truist Securities, Inc. are the joint bookrunners.

BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC and Samuel A. Ramirez & Co., Inc. are co-managers.

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.

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