APS Retires First Mortgage Bonds.Business Editors PHOENIX--(BUSINESS WIRE)--May 3, 2004 Arizona Public Service Arizona Public Service Company is the largest electric utility in Arizona and the principal subsidiary of publicly-traded S&P 500 member Pinnacle West Capital Corporation (NYSE: PNW), which in turn had been formerly named AZP Group (APS) announced today that it has terminated its Mortgage and Deed of Trust A document that embodies the agreement between a lender and a borrower to transfer an interest in the borrower's land to a neutral third party, a trustee, to secure the payment of a debt by the borrower. dated July 1, 1946, as supplemented and amended by 58 supplemental indentures (the Mortgage). The Mortgage constituted a first lien on substantially all of APS' property. With the retirement of the Mortgage, APS has no remaining first mortgage bonds outstanding. All outstanding public debt issued by APS is now unsecured and is rated BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. and Baa1 by Standard & Poor's and Moody's Investor Services, respectively. APS, Arizona's largest and longest-serving electricity utility, serves more than 931,500 customers in 11 of the state's 15 counties. With headquarters in Phoenix, APS is the largest subsidiary of Pinnacle West Capital Corp. (NYSE NYSE See: New York Stock Exchange : PNW). |
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