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 date is January 7, 2014, with signatures dated January 9, 2014. The filing relates to a debt financing transaction executed under an existing Registration Statement on Form S-3.
Key Financial Metrics
The filing discloses the following specific financial data regarding a new debt issuance:
- Debt Issuance: $250,000,000 of 4.70% Notes due 2044.
- Interest Rate: 4.70%.
- Maturity Date: 2044.
The filing text does not provide clear values for revenue, profit, cash flow, operating margins, total debt load, or liquidity ratios. This document serves as a notice of the transaction rather than a comprehensive financial statement.
Material Changes
The primary material change reported is the execution of an Underwriting Agreement and the issuance of the $250 million note offering. This increases the registrants' outstanding long-term debt obligations by the principal amount of the new notes.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard legal disclosures associated with the debt issuance. The transaction was conducted pursuant to a Registration Statement on Form S-3 (No. 333-180897 and No. 333-180897-01) that became effective on April 24, 2012.
Investor Verification Checklist
- Verify the use of proceeds from the $250 million note issuance in the company's subsequent quarterly or annual reports.
- Review the full Underwriting Agreement (Exhibit 1.1) for covenants or conditions attached to the 4.70% Notes.
- Confirm the impact of this new debt on the company's overall leverage ratios and interest coverage in the next 10-Q or 10-K filing.
- Check for any subsequent amendments to the Indenture (Exhibit 4.1) regarding the 2044 Notes.