APS 2011 Annual Report Download - page 134

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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
109
December 31,
Maturity
Dates (a)
Interest
Rates 2011 2010
APS
Pollution Control Bonds:
Variable 2024-2038 (b) $ 43,580 $ 43,580
Fixed 2029-2034 2.875%-6.000% 522,275 522,275
Pollution control bonds with senior
notes 2029 5.050%
90,000 90,000
Total Pollution Control Bonds 655,855 655,855
Senior unsecured notes
2012-2041
4.650%-8.750%
2,625,000
2,725,000
Palo Verde sale leaseback lessor notes 2015 8.00% 96,803 126,000
Capitalized lease obligations 2012 (c) 1,029 2,001
Unamortized discount (7,198) (6,183)
Total APS Long-term debt 3,371,489 3,502,673
Less current maturities 477,435 456,879
Total APS Long-term debt less current
maturities
2,894,054
3,045,794
Pinnacle West
Senior notes 2011 5.91% -- 175,000
Term loan 2015 (d)
125,000 --
Total Pinnacle West Long-term debt 125,000 175,000
Less current maturities -- 175,000
Total Pinnacle West long-term debt
less current maturities
125,000
--
TOTAL LONG-TERM DEBT
LESS CURRENT MATURITIES $ 3,019,054 $ 3,045,794
(a) This schedule does not reflect the timing of redemptions that may occur prior to maturities.
(b) The weighted-average rate for the variable rate pollution control bonds was 0.09% at
December 31, 2011 and 0.32% at December 31, 2010.
(c) The weighted-average interest rate was 5.27% at December 31, 2011 and 5.29% at
December 31, 2010.
(d) The weighted-average interest rate was 1.794% at December 31, 2011.
The following table shows principal payments due on Pinnacle West’s and APS’s total long-
term debt and capitalized lease requirements (dollars in millions):
Year
Consolidated
Pinnacle West
Consolidated
APS
2012 $ 477 $ 477
2013 123 123
2014 502 502
2015 438 313
2016 358 358
Thereafter 1,606 1,606
Total $ 3,504 $ 3,379