APS 2011 Annual Report Download - page 132
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
107
the facility to refinance indebtedness and for other general corporate purposes. Interest rates are based
on APS’s senior unsecured debt credit ratings.
The facilities described above are available to support its $250 million commercial paper
program, for bank borrowings or for issuances of letters of credit. At December 31, 2011, APS had no
borrowings outstanding under any of its credit facilities and no outstanding commercial paper.
See “Financial Assurances” in Note 11 for discussion of APS’s other letters of credit.
The table below presents the consolidated credit facilities and amounts available and
outstanding and other short-term borrowings as of December 31, 2010 (dollars in millions):
Credit
Facility Expiration
Amount
Committed
Letters
of
Credit
Used
Short-Term
Borrowings
Unused
Amount
Weighted
Average
Interest
Rate
Commitment
Fees
Pinnacle
West
Revolving
Credit
Facility
February
2013
$ 200
$ --
$ --
$ 183 -- 0.625%
Pinnacle
West
Commercial
Paper
January
2011
--
--
17
-- 0.840% --
APS
Revolving
Credit
Facility
February
2013
500
--
--
500 -- 0.500%
APS
Revolving
Credit
Facility
September
2011
489
20
--
469 -- 0.100%
Total $ 1,189 $ 20 $ 1 7 $ 1,152
Pinnacle West
On February 12, 2010, Pinnacle West refinanced its $283 million revolving credit facility that
would have matured in December 2010, and decreased the size of the facility to $200 million. This
facility was refinanced on November 4, 2011.
APS
On February 12, 2010, APS refinanced its $377 million credit facility that would have matured
in December 2010, and increased the size of the facility to $500 million. This facility was refinanced
on November 4, 2011.