New Issue: Arizona Public Service prices $300 million 2.95% 10-year notes at 85 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Sept. 6 – Arizona Public Service Co. sold $300 million of 2.95% 10-year notes (A2/A-/A) at a spread of 85 basis points over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.931 to yield 2.958%.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to repay short-term debt consisting of commercial paper borrowings and to replenish cash.

Arizona Public Service is an electric utility based in Phoenix and a subsidiary of Pinnacle West Capital Corp.

Issuer:	Arizona Public Service Co.
Amount:	$300 million
Description:	Notes
Maturity:	Sept. 15, 2027
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Scotia Capital (USA) Inc.
Co-managers:	Academy Securities, Inc., Drexel Hamilton, LLC and Samuel A. Ramirez & Co., Inc.
Coupon:	2.95%
Price:	99.931
Yield:	2.958%
Spread:	Treasuries plus 85 bps
Call features:	Make-whole call at Treasuries plus 15 bps before June 15, 2027; thereafter at par
Trade date:	Sept. 6
Settlement date:	Sept. 11
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.