Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
PNW > SEC Filings for PNW > Form 8-K on 9-Jul-2014All Recent SEC Filings




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).

  Add PNW to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for PNW - All Recent SEC Filings
Copyright © 2015 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.