SEC Filing Summary: Pinnacle West Capital Corp & Arizona Public Service Company
Business Context and Reporting Period
This Form 8-K is a combined current report filed by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company. The report covers events occurring on January 7, 2015, with the filing date of January 9, 2015. The primary purpose of this filing is to disclose the execution of an underwriting agreement for a new debt offering.
Key Financial Metrics
The filing details a specific debt issuance event rather than providing comprehensive financial statements for a reporting period.
- Debt Issuance: $250,000,000 of 2.200% Notes due 2020.
- Interest Rate: 2.200%.
- Maturity Date: 2020.
- Revenue, Profit, Cash Flow, Margins, Liquidity: The filing text does not provide a clear value for these operational metrics.
Material Changes
The material change reported is the execution of an Underwriting Agreement dated January 7, 2015, facilitating the offering of the $250 million note issuance. This represents a new liability added to the registrants' balance sheets.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure of the debt instrument terms. The filing references an Opinion of the Executive Vice President and General Counsel and information relating to Item 14 of a prior Form S-3 Registration Statement.
Investor Verification Checklist
- Verify the final closing date and net proceeds received from the $250 million note offering.
- Review the full text of the Sixteenth Supplemental Indenture (Exhibit 4.1) for covenants and restrictions.
- Confirm the use of proceeds for the new debt issuance.
- Check subsequent filings for the impact of this new debt on the company's leverage ratios and liquidity position.