SEC Filing Summary: Pinnacle West Capital Corp & Arizona Public Service Company
Business Context and Reporting Period
This Form 8-K is a current report filed on May 14, 2015, by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company. The filing serves to disclose the execution of an underwriting agreement and the issuance of new debt securities in connection with a previously effective Registration Statement on Form S-3.
Key Financial Metrics
The filing details a specific debt issuance event rather than providing comprehensive financial statements for a reporting period.
- Debt Issuance: $300,000,000 of 3.15% Notes due 2025.
- Interest Rate: 3.15%.
- Maturity Date: 2025.
- Revenue, Profit, Cash Flow, Margins, Liquidity: The filing text does not provide a clear value for these operational metrics.
Material Changes
The primary material change reported is the increase in long-term debt obligations resulting from the $300 million note offering. This transaction was executed under an Underwriting Agreement dated May 14, 2015, and governed by a Seventeenth Supplemental Indenture.
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 issuance was facilitated through a registration statement that became effective on April 23, 2015.
Key Facts for Investor Verification
- Verify the use of proceeds from the $300 million note issuance in subsequent financial reports.
- Confirm the impact of the new 3.15% interest obligation on the company's overall debt service coverage ratios.
- Review the full text of the Seventeenth Supplemental Indenture (Exhibit 4.1) for covenants and restrictions.
- Check for any subsequent filings regarding the final closing of the underwriting agreement.