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 January 10, 2012. 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 reporting operational financial performance metrics such as revenue, profit, or cash flow.
- Debt Issuance: $325,000,000
- Instrument: 4.50% Notes due 2042
- Transaction Date: January 10, 2012
The filing text does not provide a clear value for revenue, profit, cash flow, margins, or existing liquidity positions.
Material Changes
The material change reported is the increase in long-term debt obligations resulting from the offering of $325 million in notes. This filing updates the registrants' capital structure as of the report date.
Guidance, Outlook, and Risks
The document does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure of the debt issuance. The filing is procedural, attaching the Underwriting Agreement, Supplemental Indenture, and Specimen Note to a previously effective Registration Statement on Form S-3.
Investor Verification Checklist
- Verify the final closing date and net proceeds received from the $325 million note offering.
- Confirm the impact of the new 4.50% interest rate on the company's overall cost of debt.
- Review the use of proceeds for the new notes as detailed in the full Underwriting Agreement (Exhibit 1.1).
- Check subsequent filings for any changes to the company's leverage ratios following this issuance.