Arizona Public Service secures $200 million term loan due 2020

By Sarah Lizee

Olympia, Wash., Feb. 26 – Arizona Public Service Co. entered into a $200 million unsecured term loan due Aug. 26, 2020 with SunTrust Bank as agent on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

SunTrust Bank, TD Bank, NA, U.S. Bank NA and Bank of Nova Scotia are co-syndication agents.

Interest is Libor plus 50 basis points.

Proceeds will be used to refinance debt and for other general corporate purposes.

The loan requires the company to maintain a consolidated debt-to-capitalization ratio not to exceed a prescribed maximum level and comply with some lien restrictions.

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

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