Arizona Public Service planning to sell offering of senior notes

By Lisa Kerner

Charlotte, N.C., May 3 – Arizona Public Service Co. plans to price an offering of senior notes, according to a 424B3 filed with the Securities and Exchange Commission.

The bookrunners are Barclays, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.

BB&T Capital Markets, C.L. King & Associates, KeyBanc Capital Markets Inc. and PNC Capital Markets LLC are the co-managers.

Proceeds will be used to refinance, via redemption of cancellation, debt related to the $12.85 million of the Coconino County, Ariz., Pollution Control Corp. pollution control revenue refunding bonds, 2009 series A, due June 1, 2034, which had a short-term interest rate of 0.49% per annum on May 2.

Also, proceeds will be used to refinance, via redemption of cancellation, debt related to the $32 million of Navajo County, Ariz., Pollution Control pollution control revenue refunding bonds, 2009 series D, due June 1, 2034, which had an interest rate of 5.75% per annum on May 2; and the $32 million of Navajo County, Ariz., Pollution Control pollution control revenue refunding bonds, 2009 series E, due June 1, 2034, which had an interest rate of 5.75% per annum on May 2.

Proceeds will also be used to replenish cash and/or 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.

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