By Andrea Heisinger
New York, March 19 - Arizona Public Service Co. reopened its issue of 4.5% notes due 2042 on Tuesday to add $100 million, an informed source said.
The notes (Baa1/BBB+/BBB+) sold at 105.182 to yield 4.187% with a spread of Treasuries plus 105 basis points.
There is a make-whole call at Treasuries plus 25 bps to Oct. 1, 2041, with a par call after that date.
Total issuance will be $425 million including $325 million sold at Treasuries plus 155 bps on Jan. 10, 2012.
Bookrunners were Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc. and SunTrust Robinson Humphrey Inc.
Proceeds are being used to replace funds and/or reduce short-term debt used to redeem all of the $90 million of Maricopa County, Ariz., Pollution Control Corp. 5.05% pollution control revenue refunding bonds, 2002 series A, due May 1, 2029. They also may be used to refinance short-term debt incurred for other purposes.
The electric utility is based in Phoenix.
| Issuer: | Arizona Public Service Co.
|
| Issue: | Notes
|
| Amount: | $100 million, reopened
|
| Maturity: | April 1, 2042
|
| Bookrunners: | Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.5%
|
| Price: | 105.182
|
| Yield: | 4.187%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to Oct. 1, 2041
|
| Trade date: | March 19
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Total issuance: | $425 million including $325 million sold Jan. 10, 2012
|
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