Business Context and Reporting Period
This Form 8-K is a current report filed by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company, on May 3, 2016. The filing relates to a debt financing transaction executed under a previously effective Registration Statement on Form S-3.
Key Financial Metrics
The filing details the issuance of new long-term debt rather than reporting operational financial results such as revenue or profit.
- Debt Issuance: $350,000,000
- Instrument: 3.75% Notes due 2046
- Transaction Date: May 3, 2016
- Revenue/Profit/Cash Flow: The filing text does not provide a clear value for these operational metrics.
Material Changes
The primary material change is the increase in long-term debt obligations resulting from the offering of the 3.75% Notes. This transaction was conducted pursuant to an Underwriting Agreement dated May 3, 2016.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosures associated with the debt issuance. The document primarily serves to file the Underwriting Agreement, Supplemental Indenture, and the Note itself as exhibits.
Investor Verification Checklist
- Verify the final closing of the $350 million 3.75% Notes due 2046.
- Review the Nineteenth Supplemental Indenture for covenants and restrictions.
- Confirm the use of proceeds from the debt issuance in subsequent financial reports.
- Check for any changes in the company's overall leverage ratios following this issuance.