APS 2013 Annual Report Download - page 111

Table of Contents
PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Lines of Credit and Short-Term Borrowings
The table below presents the consolidated credit facilities and the amounts available and outstanding as of December 31, 2013 (dollars in millions):
Credit Facility Expiration
Amount
Committed
Unused
Amount (a)
Commitment
Fees
Pinnacle West Revolving Credit Facility November 2016 $200 $200 0.175%
APS Revolving Credit Facility November 2016 500 347 0.125%
APS Revolving Credit Facility April 2018 500 500 0.125%
Total $1,200 $1,047
(a) At December 31, 2013, APS had $153 million of outstanding commercial paper. Accordingly, at such date, the total combined amount
available under its two $500 million credit facilities was $847 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, 2013, 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, 2013, Pinnacle West had no outstanding borrowings under its credit facility, no letters of credit and no commercial paper borrowings.
APS
On April 9, 2013, APS refinanced its $500 million revolving credit facility that would have matured in February 2015, with a new $500 million
facility. The new revolving credit facility matures in April 2018.
At December 31, 2013, APS had two credit facilities totaling $1 billion, including a $500 million credit facility that was refinanced in April 2013
(see above) and a $500 million credit facility that matures in November 2016. 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 can use these facilities to refinance indebtedness and for other
general corporate purposes. Interest rates are based on APS’s senior unsecured debt credit ratings.
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, 2013, APS had no outstanding borrowings or letters of credit under its revolving credit facilities. In addition, APS had
commercial paper borrowings of $153 million at December 31, 2013.
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