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Analysis of Other Issuance and Distribution Expenses for APS

Arizona Public Service Company (APS) | August 12, 2025

By Noah Edwards

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Arizona Public Service Company (APS) is estimating expenses related to the offering of $250,000,000 principal amount of 5.70% Notes due 2034 and $700,000,000 principal amount of 5.90% Notes due 2055.

These expenses are in addition to underwriting discounts and commissions.

The expenses include SEC registration fees, printing, legal fees, accounting fees, rating agency fees, and more.

Offering Details

$250,000,000 5.70% Notes due 2034 and $700,000,000 5.90% Notes due 2055 are to be offered.

Expense Breakdown

Includes SEC registration fee, printing costs, legal and accounting fees, rating agency fees, and more.

Total Estimate

The total estimated expenses for issuance and distribution are outlined in the filing.

  • The detailed breakdown of expenses provides transparency for investors regarding the costs of the offering.
  • Understanding these expenses can help investors evaluate the financial implications of the note offerings.

The disclosed expenses shed light on the financial aspects of APS's note offerings, offering clarity on the distribution process and associated costs.