APS 2015 Annual Report Download - page 118
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Table of Contents
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6. Long-Term Debt and Liquidity Matters
All of Pinnacle West’s and APS’s debt is unsecured. The following table presents the components of long-term debt on the
Consolidated Balance Sheets outstanding at December 31, 2015 and 2014 (dollars in thousands):
Maturity
Interest
December 31,
Dates (a)
Rates
2015
2014
APS
Pollution control bonds:
Variable 2029-2038
(b)
$ 92,405
$ 156,405
Fixed 2024-2034
1.75%-5.75%
211,150
249,300
Total pollution control bonds
303,555
405,705
Senior unsecured notes 2016-2045
2.20%-8.75%
3,375,000
2,875,000
Palo Verde sale leaseback lessor notes 2015
8.00%
—
13,420
Term loan 2018
(c)
50,000
—
Unamortized discount
(10,374)
(9,206)
Unamortized premium
4,686
4,866
Unamortized debt issuance cost (d)
(27,896)
(24,642)
Total APS long-term debt
3,694,971
3,265,143
Less current maturities (e)
357,580
383,570
Total APS long-term debt less current maturities
3,337,391
2,881,573
Pinnacle West
Term loan 2017
(f)
125,000
125,000
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES
$ 3,462,391
$ 3,006,573
(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 0.01%-0.24% at December 31, 2015 and
0.03%-0.27% at December 31, 2014.
(c) The weighted-average interest rate was 1.024% at December 31, 2015.
(d) In the fourth quarter of 2015, we adopted a new accounting standard related to balance sheet presentation of debt
issuance costs. See Note 2 for additional details.
(e) Current maturities include $108 million of pollution control bonds expected to be remarketed in 2016 and $250 million
in senior unsecured notes that mature in 2016.
(f) The weighted-average interest rate was 1.174% at December 31, 2015 and 1.019% at December 31, 2014.
113