Filed under Rule 433
File No. 333-158779-01
Final Term Sheet
August 22, 2011
Issuer: | Arizona Public Service Company |
Security: | $300,000,000 5.05% Notes due 2041 |
Maturity: | September 1, 2041 |
Interest rate: | 5.05% |
Yield to maturity: | 5.094% |
Spread: | +170 basis points |
Benchmark treasury security: | 4.375% due May 15, 2041 |
Benchmark treasury yield: | 3.394% |
Optional redemption: | Make-whole call at any time prior to March 1, 2041 at Treasury rate plus 25 basis points and, thereafter, at par |
Interest payment dates: | March 1 and September 1 |
First interest payment date: | March 1, 2012 |
Public offering price: | 99.326% per note |
Trade date: | August 22, 2011 |
Settlement date: | August 25, 2011 (T+3) |
Expected Ratings: | Baa2 / BBB / BBB (Moody’s / S&P / Fitch) |
| Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
Joint Book-Running Managers: | Deutsche Bank Securities Inc. |
| J.P. Morgan Securities LLC |
| UBS Securities LLC |
| Wells Fargo Securities, LLC |
Co-Managers: | Samuel A. Ramirez & Company, Inc. |
| SL Hare Capital, Inc. |
| The Williams Capital Group, L.P. |
CUSIP/ISIN: | 040555CM4 / US040555CM49 |
Arizona Public Service Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Arizona Public Service Company has filed with the SEC for more complete information about Arizona Public Service Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Arizona Public Service Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Deutsche Bank Securities Inc. toll-free at (800) 503-4611, J.P. Morgan Securities LLC collect at (212) 834-4533, UBS Securities LLC toll-free at (877) 827-6444, ext. 561-3884 or Wells Fargo Securities, LLC toll-free at (800) 326-5897.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.
