Pinnacle West, subsidiary enter into revolvers totaling $700 million

By Wendy Van Sickle

Columbus, Ohio, May 13 – Pinnacle West Capital Corp. entered into a five-year $200 million revolving credit facility on Friday, and its Arizona Public Service Co. subsidiary entered into a five-year $500 million revolver the same day, according to an 8-K filing with the Securities and Exchange Commission.

For both facilities, Barclays Bank plc acted as agent; Mizuho Bank, Ltd., as syndication agent; and Bank of America, NA, BNP Paribas, JPMorgan Chase Bank, NA, MUFG Union Bank, NA, SunTrust Bank and Wells Fargo Bank, NA, as co-documentation agents.

Pinnacle West’s facility replaces its prior credit facility that would have expired May 9, 2019.

Borrowings will bear interest based on Pinnacle West’s senior unsecured debt ratings or, if no senior unsecured debt is outstanding at the time of determination, the rating for Pinnacle West’s bank credit facilities.

Arizona Public Service’s facility replaces its previous $500 million revolver, which was set to expire May 9, 2019.

Borrowings will bear interest based on Arizona Public Service’s senior unsecured debt ratings.

Each revolver may be used for general corporate purposes, including as a standby facility to support commercial paper issuances, and for letters of credit.

Arizona Public Service is an electric utility. Pinnacle West Capital is a holding company that derives essentially all of its revenues and earnings through Arizona Public Service. Both are based in Phoenix.

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