By Cristal Cody
Tupelo, Miss., Aug. 7 – Arizona Public Service Co. sold $300 million of 4.2% 30-year notes (A2/A-/A) at a spread of 112 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.29 to yield 4.242%.
BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay short-term debt consisting of commercial paper borrowings, for a mandatory tender of debt related to the $32 million Maricopa County, Ariz., Pollution Control Corp. Pollution Control Revenue Refunding Bonds, 2009 Series C, due May 1, 2029, to repay at maturity the company’s $50 million term loan agreement and for capital expenditures.
Arizona Public Service is an electric utility based in Phoenix and a subsidiary of Pinnacle West Capital Corp.
| Issuer: | Arizona Public Service Co.
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| Amount: | $300 million
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| Description: | Notes
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| Maturity: | Aug. 15, 2048
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| Bookrunners: | BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC
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| Coupon: | 4.2%
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| Price: | 99.29
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| Yield: | 4.242%
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| Spread: | Treasuries plus 112 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps before Feb. 15, 2048; thereafter at par
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| Trade date: | Aug. 7
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| Settlement date: | Aug. 9
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| Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A
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| Distribution: | SEC registered
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