By Aleesia Forni
Virginia Beach, Nov. 3 – Arizona Public Service Co. priced $250 million of 4.35% 30-year senior notes (A2/A-/A) at Treasuries plus 135 basis points on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.866 to yield 4.358%.
The notes sold inside initial guidance set in the range of Treasuries plus 145 bps to 150 bps.
The bookrunners were BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA Inc. and Scotia Capital (USA) Inc.
Proceeds will be used to refinance debt, to replenish cash and to refinance commercial paper borrowings temporarily used to fund capital expenditures.
Arizona Public Service is an electric utility based in Phoenix and a subsidiary of Pinnacle West Capital Corp.
| Issuer: | Arizona Public Service Co.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2045
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | BB&T Capital Markets, KeyBanc Capital Markets Inc., PNC Capital Markets LLC
|
| Coupon: | 4.35%
|
| Price: | 99.866
|
| Yield: | 4.358%
|
| Spread: | Treasuries plus 135 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to May 15, 2045, then callable at par
|
| Trade date: | Nov. 3
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 145 bps to 150 bps
|
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