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November 27, 2015 7:13 AM ET

Electric Utilities

Company Overview of Arizona Public Service Co.

Company Overview

Arizona Public Service Company, a vertically-integrated electric utility, provides retail and wholesale electric services in Arizona. The company has ownership interests in or leases the coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 5,909 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,071 miles of overhead lines and approximately 17,908 miles of underground primary cable. The company owns or leases approximately 6,426 megawatts of regulated generation capacity, as well as purchases renewable energy. As of May 27, 2015, it served approximately 1...

400 North Fifth Street

PO Box 53999

Phoenix, AZ 85072

United States

Founded in 1920

6,279 Employees



Key Executives for Arizona Public Service Co.

Chairman, Chief Executive Officer, President, Chairman of Pinnacle West, Chief Executive Officer of Pinnacle West and President of Pinnacle West
Age: 60
Chief Financial Officer, Executive Vice President, Chief Financial Officer for Pinnacle West Capital Corp and Executive Vice President of Pinnacle West Capital Corp
Age: 57
Chief Operating Officer and Executive Vice President
Age: 59
Chief Accounting Officer, Vice President and Controller
Age: 59
Executive Vice President and General Counsel
Age: 62
Compensation as of Fiscal Year 2015.

Arizona Public Service Co. Key Developments

Arizona Public Service Company Enters into Five-Year Unsecured Revolving Credit Facility

On September 2, 2015, Arizona Public Service Company (APS) entered into a five-year unsecured revolving credit facility with Barclays Bank PLC, as Agent and Issuing Bank, Mizuho Bank Ltd. as Syndication Agent and Issuing Bank, Bank of America, N.A., BNP Paribas, JPMorgan Chase Bank, N.A., MUFG Union Bank, N.A., SunTrust Bank and Wells Fargo Bank, National Association as Co-Documentation Agents and Issuing Banks, and the lender parties thereto, allowing APS to borrow, repay and re-borrow, from time to time, up to $500 million through September 2, 2020. On September 2, 2015, APS terminated its prior $500 million unsecured revolving credit facility with Barclays Bank PLC, as Agent and Issuing Bank, The Royal Bank of Scotland plc, as Syndication Agent and Issuing Bank, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents and Issuing Banks, and the lender parties thereto, which was replaced by the new facility. The prior credit facility would have expired on April 9, 2018. APS will use the new facility for general corporate purposes, including as a standby facility to support commercial paper issuances. The facility can also be used for letters of credit. Borrowings under the facility will bear interest based on APS's then-current senior unsecured debt ratings. Borrowings under the facility are conditioned on APS's ability to make certain representations at the time each borrowing is made, except for representations concerning no material adverse effect and certain litigation matters, which were made only at the time the facility was entered into. The facility includes customary covenants, including that APS maintain a consolidated debt-to-capitalization ratio no greater than a prescribed level and comply with certain lien restrictions. The facility also includes customary events of default, including a cross default provision and a change of control provision relating to Pinnacle West Capital Corporation, the parent company of APS. If an event of default occurs, lenders holding a specified percentage of the commitments, or the agent with such lenders' consent, may terminate the obligations of the lenders to make loans under the facility and the obligations of the issuing banks to issue letters of credit and may declare the obligations outstanding under the facility to be due and payable. APS and its affiliates maintain normal banking and other relationships with the agents and various other lenders in the new facility and/or their affiliates and in the prior $500 million credit facility that has been terminated.

Arizona Public Service Company Enters into $50 Million Unsecured Term Loan

On June 26, 2015, Arizona Public Service Company entered into a $50 million unsecured term loan with Toronto Dominion (Texas) LLC, as Agent, Citibank, N.A., as Syndication Agent, and such institutions compromising the lenders party thereto. The obligations under the Term Loan will mature and become due and payable on June 26, 2018.

Arizona Public Service Completes Construction of Desert Star Solar Plant

Arizona Public Service and McCarthy Building Companies Inc. have announced the completion of construction of the Desert star solar plant. The event marked the inauguration of the ninth solar project to be constructed under APS's AZ Sun program. When complete this year, AZ Sun will generate enough solar energy to power more than 42,000 homes. Full commercial operations are expected to begin at the plant in July.

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