Arizona Public Service to sell $250 million 30-year senior notes

By Aleesia Forni

Virginia Beach, Jan. 7 - Arizona Public Service Co. is eyeing a $250 million sale of senior notes due 2044, according to an informed source and a 424B3 filed with the Securities and Exchange Commission.

BofA Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

Blaylock Robert Van, LLC, Drexel Hamilton and Williams Capital Group, LP are the co-managers.

Proceeds will be used to repay commercial paper and replenish cash temporarily used to fund the company's acquisition of Southern California Edison Co.'s ownership in Units 4 and 5 of the Four Corners Power Plant and to finance the payment of other costs and expenses related to the acquisition.

The company also plans to use the proceeds to replenish cash used to re-acquire two series of its tax-exempt debt.

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

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