By Cristal Cody
Tupelo, Miss., Feb. 26 – Arizona Public Service Co. priced $300 million of 4.25% 30-year notes (A2/A-/A) on Tuesday at 99.983 to yield 4.251%, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 125 basis points over Treasuries.
Barclays, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used along with other borrowings to pay at maturity the company’s $500 million of 8.75% notes due March 1, 2019.
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
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| Description: | Notes
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| Maturity: | March 1, 2049
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| Bookrunners: | Barclays, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Senior co-manager: | KeyBanc Capital Markets Inc.
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| Co-managers: | Drexel Hamilton, LLC and Penserra Securities LLC
|
| Coupon: | 4.25%
|
| Price: | 99.983
|
| Yield: | 4.251%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call before Sept. 1, 2048 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Feb. 26
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| Settlement date: | Feb. 28
|
| Ratings: | Moody’s: A2
|
| S&P: A-
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| Fitch: A
|
| Distribution: | SEC registered
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