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Arizona Public Service closes $300M notes offering

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Arizona Public Service closes $300M notes offering

Arizona Public Service Co. closed the underwritten offering of $300 million of 2.60% notes due 2029.

The company will use the proceeds to repay short-term debt consisting of commercial paper borrowings and to replenish cash incurred or used to fund capital expenditures. On Aug. 9, the Pinnacle West Capital Corp. subsidiary had $285.1 million of outstanding commercial paper at a weighted average annual interest rate of 2.31%.

The securities have a spread to benchmark Treasury of +98 basis points, according to an Aug. 16 SEC filing.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. acted as the joint book-running managers. Academy Securities Inc. Blaylock Van LLC, C.L. King & Associates Inc. and Samuel A. Ramirez & Co. Inc. were the co-managers.