Arizona Public Service enters into $100 million three-year term loan

By Marisa Wong

Morgantown, W.Va., April 25 – Arizona Public Service Co. (APS) entered into a $100 million unsecured term loan with Toronto Dominion (Texas) LLC as agent on April 22, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on April 22, 2019.

Borrowings will bear interest based on the company’s then-current senior unsecured debt or bank facility ratings. Exact pricing was not disclosed in the filing.

The term loan requires that APS maintain a consolidated debt-to-capitalization ratio not exceeding a prescribed maximum level and comply with some lien restrictions.

APS used loan proceeds to repay and refinance its existing short-term debt.

The Phoenix-based electric utility is a subsidiary of Pinnacle West Capital Corp.

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