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Pinnacle West, subsidiary enter into revolvers totaling $700 million
By Wendy Van Sickle
Columbus, Ohio, July 12 – Pinnacle West Capital Corp. entered into a $200 million five-year revolving credit facility on Thursday, and its Arizona Public Service Co. subsidiary entered into a $500 million five-year revolver on 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 13, 2021.
Borrowings will bear interest based on Pinnacle West’s senior unsecured debt ratings.
Arizona Public Service’s facility replaces its previous $500 million revolver, which was set to expire May 13, 2021.
Borrowings will bear interest based on Arizona Public Service’s senior unsecured debt ratings.
Both credit facilities expire on July 11, 2023.
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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