APS 2012 Annual Report Download - page 132

PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
107
Credit Facility Expiration
Amount
Committed
Unused
Amount (a)
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
(a) These facilities were also fully available as of December 31, 2011.
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. 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 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 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.