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 March 19, 2013. The filing serves to disclose the execution of an underwriting agreement and related documents 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: $100,000,000 of 4.50% Notes due 2042.
- Interest Rate: 4.50%.
- Maturity Date: 2042.
- Revenue, Profit, Cash Flow, Margins, Liquidity: The filing text does not provide a clear value for these metrics.
Material Changes
The primary material change reported is the execution of an Underwriting Agreement dated March 19, 2013, facilitating the offering of the $100 million note issuance. This filing updates the Registration Statement on Form S-3 (No. 333-180897 and No. 333-180897-01) which became effective on April 24, 2012.
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 document focuses strictly on the legal execution of the underwriting agreement and the supplemental indenture.
Investor Verification Checklist
- Verify the final pricing and closing date of the $100 million 4.50% Notes due 2042.
- Review the full Underwriting Agreement (Exhibit 1.1) for specific covenants and use of proceeds.
- Confirm the impact of this new debt on the company's overall leverage ratios in subsequent quarterly reports.
- Check for any subsequent filings regarding the actual sale of the notes to investors.