Filed under Rule 433
File No. 333-203578-01
Final Term Sheet
Arizona Public Service Company
$250,000,000 2.55% Notes due 2026
September 15, 2016
Issuer: |
| Arizona Public Service Company |
|
|
|
Expected Ratings: |
| A2 / A- / A (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. |
|
|
|
Trade Date: |
| September 15, 2016 |
|
|
|
Settlement Date: |
| September 20, 2016 (T+3) |
|
|
|
Security: |
| 2.55% Notes due 2026 |
|
|
|
Principal Amount: |
| $250,000,000 |
|
|
|
Interest Payment Dates: |
| March 15 and September 15, commencing March 15, 2017 |
|
|
|
Maturity Date: |
| September 15, 2026 |
|
|
|
Interest Rate: |
| 2.55% |
|
|
|
Benchmark Treasury: |
| 1.500% due August 15, 2026 |
|
|
|
Benchmark Treasury Price / Yield: |
| 98-05 / 1.703% |
|
|
|
Spread to Benchmark Treasury: |
| +90 basis points |
|
|
|
Yield to Maturity: |
| 2.603% |
|
|
|
Public Offering Price: |
| 99.537% per note |
|
|
|
Optional Redemption: |
| Make-whole call at any time prior to June 15, 2026 at Treasury rate plus 15 basis points and, thereafter, at par |
CUSIP/ISIN: |
| 040555CV4 / US040555CV48 |
|
|
|
Joint Book-Running Managers: |
| BNY Mellon Capital Markets, LLC |
|
| J.P. Morgan Securities LLC |
|
| MUFG Securities Americas Inc. |
|
| TD Securities (USA) LLC |
|
|
|
Co-Manager: |
| KeyBanc Capital Markets Inc. |
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 212-834-4533, MUFG Securities Americas Inc. toll free at 1-877-649-6848 or TD Securities (USA) LLC toll free at 1-855-495-9846.
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.
