APS 2013 Annual Report Download - page 112

Table of Contents
PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
See “Financial Assurances” in Note 11 for a 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, 2012 (dollars in millions):
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 matures 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 a discussion of APS’s separate outstanding letters of credit.
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