Filed under Rule 433
File No. 333-224366-01
Final Term Sheet
Arizona Public Service Company
$300,000,000 4.25% Notes due 2049
February 26, 2019
Issuer: |
| Arizona Public Service Company |
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Expected Ratings: |
| A2 / A- / A (Moody’s / S&P / Fitch) |
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| 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. |
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Trade Date: |
| February 26, 2019 |
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Settlement Date: |
| February 28, 2019 (T+2) |
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Security: |
| 4.25% Notes due 2049 |
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Principal Amount: |
| $300,000,000 |
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Interest Payment Dates: |
| March 1 and September 1, commencing September 1, 2019 |
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Maturity Date: |
| March 1, 2049 |
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Interest Rate: |
| 4.25% |
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Benchmark Treasury: |
| 3.375% due November 15, 2048 |
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Benchmark Treasury Price / Yield: |
| 107-10 / 3.001% |
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Spread to Benchmark Treasury: |
| +125 basis points |
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Yield to Maturity: |
| 4.251% |
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Public Offering Price: |
| 99.983% per note |
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Optional Redemption: |
| Make-whole call at any time prior to September 1, 2048 at Treasury rate plus 20 basis points and, thereafter, at par |
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CUSIP/ISIN: |
| 040555CY8 / US040555CY86 |
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Joint Book-Running Managers: |
| Barclays Capital Inc. |
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| Mizuho Securities USA LLC |
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| SunTrust Robinson Humphrey, Inc. |
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| Wells Fargo Securities, LLC |
Senior Co-Manager: |
| KeyBanc Capital Markets Inc. |
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Co-Managers: |
| Drexel Hamilton, LLC |
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| Penserra Securities LLC |
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 Barclays Capital Inc. toll-free at (888) 603-5847, Mizuho Securities USA LLC toll-free at (866) 271-7403, SunTrust Robinson Humphrey, Inc. toll-free at (800) 685-4786 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
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.
