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Arizona Public Service issues $300M in 4.2% notes

Arizona Public Service Co. issued $300 million of 4.20% senior unsecured notes due 2048.

Interest on the notes is payable semiannually Feb. 15 and Aug. 15, beginning Feb. 15, 2019, according to a filing.

The notes have a spread to benchmark Treasury of +112 basis points. The notes have ratings of A- from S&P Global Ratings and A from Fitch.

The Pinnacle West Capital Corp. subsidiary intends to use net proceeds to repay short-term indebtedness consisting of commercial paper borrowings incurred temporarily to fund the purchase of indebtedness related to $32 million in pollution control bonds, fund the repayment of a $50 million term loan agreement and fund CapEx. Until it uses the proceeds for those purposes, the utility said it may invest proceeds in highly liquid short-term investments such as money market funds, deposit the net proceeds with banks or temporarily use the proceeds in its business.

BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and TD Securities (USA) LLC acted as joint book-running managers.

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