APS 2012 Annual Report Download - page 131
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
106
Credit Facility Expiration
Amount
Committed
Unused
Amount (a)
Commitment
Fees
Pinnacle West Revolving
Credit Facility
November 2016
$ 200
$ 200
0.225%
APS Revolving Credit
Facility
November 2016
500
408
0.175%
APS Revolving Credit
Facility
February 2015
500
500
0.20%
Total
$ 1,200
$ 1,108
(a) At December 31, 2012, APS had $92 million of outstanding commercial paper.
Accordingly, at such date the total combined amount available under its two $500
million credit facilities was $908 million.
Pinnacle West and APS maintain committed revolving credit facilities in order to enhance
liquidity and provide credit support for their commercial paper programs.
Pinnacle West
At December 31, 2012, the Pinnacle West credit facility, which terminates in November 2016,
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, 2012, Pinnacle West had no
outstanding borrowings under its credit facility, no letters of credit and no commercial paper
borrowings.
APS
APS may increase the amount of each facility up to a maximum of $700 million upon the
satisfaction of certain conditions and with the consent of the lenders. APS will use these facilities 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 APS’s $250 million commercial paper
program, for bank borrowings or for issuances of letters of credit. At December 31, 2012, APS had no
outstanding borrowings or letters of credit under its revolving credit facilities. In addition, APS had
commercial paper borrowings of $92 million at December 31, 2012.
See “Financial Assurances” in Note 11 for discussion of APS’s separate outstanding letters of
credit.
The table below presents the consolidated credit facilities and the amounts available and
outstanding as of December 31, 2011 (dollars in millions):