APS - Arizona Public Service Company
03/10/2026 | Press release | Distributed by Public on 03/10/2026 13:10
Free Writing Prospectus (Form FWP)
Filed under Rule 433
File No. 333-277448-01
Final Term Sheet
Arizona Public Service Company
$600,000,000 5.10% Notes due 2036
March 10, 2026
| Issuer: | Arizona Public Service Company | |
| Expected Ratings (Moody's / S&P / Fitch): |
Baa1 (stable) / BBB+ (stable) / A- (stable) Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
|
| Trade Date: | March 10, 2026 | |
| Settlement Date: | March 12, 2026 (T+2) | |
| Security: | 5.10% Notes due 2036 | |
| Principal Amount: | $600,000,000 | |
| Interest Payment Dates: | March 15 and September 15, commencing September 15, 2026 | |
| Maturity Date: | March 15, 2036 | |
| Interest Rate: | 5.10% | |
| Benchmark Treasury: | 4.125% due February 15, 2036 | |
| Benchmark Treasury Price / Yield: | 99-31+ / 4.127% | |
| Spread to Benchmark Treasury: | +100 basis points | |
| Yield to Maturity: | 5.127% | |
| Public Offering Price: | 99.790% | |
| Optional Redemption: | Make-whole call at any time prior to December 15, 2035 at Treasury rate plus 15 basis points and, thereafter, at par | |
| CUSIP/ISIN: | 040555 DK7 / US040555DK73 | |
| Joint Book-Running Managers: |
BofA Securities, Inc. J.P. Morgan Securities LLC Mizuho Securities USA LLC RBC Capital Markets, LLC Scotia Capital (USA) Inc. |
Arizona Public Service Company has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents Arizona Public Service Company has filed with the SEC for more complete information about Arizona Public Service Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Arizona Public Service Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at (800) 294-1322 or by email at [email protected], J.P. Morgan Securities LLC collect at (212) 834-4533, Mizuho Securities USA LLC toll-free at (866) 271-7403, RBC Capital Markets, LLC toll-free at (866) 375-6829 or Scotia Capital (USA) Inc. toll-free at (800) 372-3930.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.
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APS - Arizona Public Service Company published this content on March 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 10, 2026 at 19:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]