Arizona Public Service gets $500 million five-year revolving facility

By Marisa Wong

Morgantown, W.Va., June 29 – Arizona Public Service Co. (APS) entered into a $500 million unsecured revolving credit facility due June 29, 2022, according to an 8-K filing with the Securities and Exchange Commission.

Barclays Bank plc is agent and issuing bank; Mizuho Bank, Ltd. is syndication agent and issuing bank; Bank of America, NA, BNP Paribas, JPMorgan Chase Bank, NA, MUFG Union Bank, NA, SunTrust Bank and Wells Fargo Bank, NA are co-documentation agents and issuing banks.

Concurrently, APS terminated a prior $500 million unsecured revolver that was set to expire on Sept. 2, 2020.

APS will use the new facility for general corporate purposes, including as a standby facility to support commercial paper issuance. The facility can also be used for the issuance of letters of credit.

Borrowings will bear interest at a rate based on the company’s senior unsecured debt ratings. Exact pricing was not disclosed in the filing.

The facility requires APS to maintain a specified consolidated debt-to-capitalization ratio.

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

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