Filed under Rule 433
File No. 333-203578-01
Final Term Sheet
Arizona Public Service Company
$300,000,000 3.15% Notes due 2025
May 14, 2015
Issuer: |
| Arizona Public Service Company |
|
|
|
Expected Ratings (Moody’s / S&P / Fitch): |
| A3 / A- / A- (Moody’s / S&P / Fitch) |
|
|
|
Security: |
| 3.15% Notes due 2025 |
|
|
|
Principal Amount: |
| $300,000,000 |
|
|
|
Trade Date: |
| May 14, 2015 |
|
|
|
Settlement Date: |
| May 19, 2015 (T+3) |
|
|
|
Interest Payment Dates: |
| May 15 and November 15, commencing November 15, 2015 |
|
|
|
Maturity Date: |
| May 15, 2025 |
|
|
|
Interest Rate: |
| 3.15% |
|
|
|
Benchmark Treasury: |
| 2.00% due February 15, 2025 |
|
|
|
Benchmark Treasury Price / Yield: |
| 97-23 / 2.262% |
|
|
|
Spread to Benchmark Treasury: |
| +95 basis points |
|
|
|
Yield to Maturity: |
| 3.212% |
|
|
|
Public Offering Price: |
| 99.474% per note |
|
|
|
Optional Redemption: |
| Make-whole call at any time prior to February 15, 2025 at Treasury rate plus 15 basis points and, thereafter, at par |
CUSIP/ISIN: |
| 040555CS1 / US040555CS19 |
|
|
|
Joint Book-Running Managers: |
| BNY Mellon Capital Markets, LLC |
|
| J.P. Morgan Securities LLC |
|
| Mitsubishi UFJ Securities (USA), Inc. |
|
| U.S. Bancorp Investments, Inc. |
|
|
|
Co-Managers: |
| Blaylock Beal Van, LLC |
|
| Drexel Hamilton, LLC |
|
| The Williams Capital Group, L.P. |
Arizona Public Service Company has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) 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 BNY Mellon Capital Markets, LLC toll free at 1-800-369-6864, J.P. Morgan Securities LLC collect at 1-212-834-4533, Mitsubishi UFJ Securities (USA), Inc. toll free at 1-877-649-6848 or U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607.
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.
