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 February 26, 2019, with signatures dated February 28, 2019. The filing relates to a new debt offering under an existing effective Registration Statement on Form S-3.
Key Financial Metrics
The filing discloses a specific capital raising event but does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data for the reporting period.
- Debt Issuance: $300,000,000 of 4.25% Notes due 2049.
- Interest Rate: 4.25%.
- Maturity Date: 2049.
- Liquidity Impact: Proceeds from the offering will increase cash liquidity, though specific net proceeds after underwriting fees are not detailed in this text.
Material Changes
The primary material change is the execution of an Underwriting Agreement and the issuance of the new long-term debt securities. This increases the company's total debt load by $300 million. No other material changes to operations or financial position are described in this specific filing.
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 issuance. The filing references an opinion of counsel and information relating to Item 14 of the Form S-3 registration statement as exhibits.
Investor Verification Checklist
- Verify the final net proceeds from the $300 million note issuance after deducting underwriting discounts and commissions.
- Review the full text of the Twenty-Third Supplemental Indenture (Exhibit 4.1) for covenants and restrictions.
- Confirm the intended use of proceeds as detailed in the referenced Form S-3 Registration Statement.
- Check subsequent filings for the impact of the new 4.25% interest expense on future earnings.