APS 2011 Annual Report Download - page 131

PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
106
Credit Facility Expiration
Amount
Committed
Unused
Amount
Commitment
Fees
Pinnacle West Revolving
Credit Facility November 2016 $ 200 $ 200 0.275%
APS Revolving Credit
Facility November 2016 500 500 0.225%
APS Revolving Credit
Facility February 2015
500
500 0.250%
Total $ 1,200 $ 1,200
Pinnacle West and APS maintain committed revolving credit facilities in order to enhance
liquidity and provide credit support for their commercial paper programs. During the first quarter of
2011, APS refinanced an existing revolving credit facility (as discussed below) that would have
otherwise matured in September 2011. During the fourth quarter of 2011, APS and Pinnacle West
refinanced the existing credit facilities (as discussed below) that would have otherwise matured in
February 2013.
Pinnacle West
On November 4, 2011, Pinnacle West refinanced its $200 million revolving credit facility that
would have matured in February 2013, with a new $200 million facility. The new revolving credit
facility terminates in November 2016. Interest rates are based on Pinnacle West senior unsecured debt
credit ratings.
At December 31, 2011, the Pinnacle West credit facility was available to refinance
indebtedness of the Company and for other general corporate purposes, including credit support for its
$200 million commercial paper program. Pinnacle West has the option to increase the amount of the
facility up to a maximum of $300 million upon the satisfaction of certain conditions and with the
consent of the lenders. At December 31, 2011, Pinnacle West had no outstanding borrowings under its
credit facility, no letters of credit and no commercial paper borrowings.
APS
On February 14, 2011, APS refinanced its $489 million revolving credit facility that would
have matured in September 2011, and increased the size of the facility to $500 million. The new
revolving credit facility terminates in February 2015. APS may increase the amount of the facility up
to a maximum of $700 million upon the satisfaction of certain conditions and with the consent of the
lenders. APS will use the facility to refinance indebtedness and for other general corporate purposes.
Interest rates are based on APS’s senior unsecured debt credit ratings.
On November 4, 2011, APS refinanced its $500 million revolving credit facility that would
have matured in February 2013, with a new $500 million facility. The new revolving credit facility
terminates in November 2016. APS may increase the amount of the facility up to a maximum of $700
million upon the satisfaction of certain conditions and with the consent of the lenders. APS will use