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PNW > SEC Filings for PNW > Form 8-K on 9-Jul-2014All Recent SEC Filings

Show all filings for PINNACLE WEST CAPITAL CORP

Form 8-K for PINNACLE WEST CAPITAL CORP


9-Jul-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry Into a Material Definitive Agreement.

As previously reported, in 1986 Arizona Public Service Company ("APS") entered into agreements with three separate lessor trust entities in order to sell and lease back interests in Palo Verde Nuclear Generating Station Unit 2 and related common facilities. Two of the leases were entered into in August 1986 (the "August Leases"), and the third lease was entered into in December 1986 (the "December Lease"). Each lease is between APS and U.S. Bank National Association, not in its individual capacity, but solely as Owner Trustee under trust agreements with each of Emerson Finance LLC, Security Pacific Capital Leasing Corporation, and PV2-APS 150 Corporation (assignee of Chase Manhattan Realty Leasing Corporation), respectively.

APS will pay approximately $49 million per year during 2014 and 2015 related to these leases. All three leases will expire on December 31, 2015, unless extended. On July 7, 2014, APS provided irrevocable notice that APS will exercise its option to renew the August Leases through December 31, 2033 and the December Lease through December 31, 2023. APS will be required to make annual payments under the August Leases and the December Lease aggregating approximately $23 million for 2016 and beyond. APS has the option to purchase the leased interests at their respective fair market values at the end of 2033 (the August Leases) and 2023 (the December Lease).


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