# EDGAR Filing Document

**Accession Number:** 0000007286
**File Stem:** 0001104659-25-076855
**Filing Date:** 2025-8
**Character Count:** 6962
**Document Hash:** 2b1c1edfe68412ad131d9c5a1b3435ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-076855.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001104659-25-076855

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIZONA PUBLIC SERVICE CO
- **CENTRAL INDEX KEY:** 0000007286
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 860011170
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277448-01
- **FILM NUMBER:** 251206977

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 602 250 1000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 53999
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85072-3999
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIZONA PUBLIC SERVICE CO
- **CENTRAL INDEX KEY:** 0000007286
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 860011170
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 602 250 1000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 53999
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85072-3999

Filed under Rule 433

File No. 333-277448-01

**Final Term Sheet**

**Arizona Public Service Company**

**$250,000,000 5.70% Notes due 2034**

**$700,000,000 5.90% Notes due 2055**

**August 12, 2025**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Arizona Public Service Company | &nbsp;&nbsp;Arizona Public Service Company |
| &nbsp;&nbsp;**Expected Ratings (Moody's / S&P / Fitch):** | &nbsp;&nbsp;Baa1 (stable) / BBB+ (stable) / A- (stable)<br> **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. | &nbsp;&nbsp;Baa1 (stable) / BBB+ (stable) / A- (stable)<br> **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. |
| &nbsp;&nbsp;**Trade Date:** | &nbsp;&nbsp;August 12, 2025 | &nbsp;&nbsp;August 12, 2025 |
| &nbsp;&nbsp;**Settlement Date:** | &nbsp;&nbsp;August 15, 2025 (T+3) | &nbsp;&nbsp;August 15, 2025 (T+3) |
| &nbsp;&nbsp;**Security:** | &nbsp;&nbsp;5.70% Notes due 2034 (the "New 2034 Notes") which will be part of the same series of debt securities issued on May 9, 2024 by the Issuer in the amount of $450,000,000 (the "Initial 2034 Notes") | &nbsp;&nbsp;5.90% Notes due 2055 |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;$250000000 | &nbsp;&nbsp;$700000000 |
| &nbsp;&nbsp;**Interest Payment Dates:** | &nbsp;&nbsp;February 15 and August 15, commencing February 15, 2026 | &nbsp;&nbsp;February 15 and August 15, commencing February 15, 2026 |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;August 15, 2034 | &nbsp;&nbsp;August 15, 2055 |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.70% | &nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;**Benchmark Treasury:** | &nbsp;&nbsp;4.250% due August 15, 2035 | &nbsp;&nbsp;4.750% due May 15, 2055 |
| &nbsp;&nbsp;**Benchmark Treasury Price / Yield:** | &nbsp;&nbsp;99-20+ / 4.295% | &nbsp;&nbsp;97-27 / 4.888% |
| &nbsp;&nbsp;**Spread to Benchmark Treasury:** | &nbsp;&nbsp;+90 basis points | &nbsp;&nbsp;+105 basis points |
| &nbsp;&nbsp;**Re-Offer Yield:** | &nbsp;&nbsp;5.195% | &nbsp;&nbsp;5.938% |
| &nbsp;&nbsp;**Public Offering Price:** | &nbsp;&nbsp;103.521% | &nbsp;&nbsp;99.471% |
| &nbsp;&nbsp;**Optional Redemption:** | &nbsp;&nbsp;Make-whole call at any time prior to May 15, 2034 at Treasury rate plus 20 basis points and, thereafter, at par | &nbsp;&nbsp;Make-whole call at any time prior to February 15, 2055 at Treasury rate plus 20 basis points and, thereafter, at par |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Qualified Reopening:** | &nbsp;&nbsp;The offering of the New 2034 Notes is expected to qualify as a "qualified reopening" of the Initial 2034 Notes under U.S. Treasury regulations; see "Certain Material United States Federal Income Tax Consequences—Qualified Reopening of the Initial 2034 Notes" in the Preliminary Prospectus Supplement dated August 12, 2025 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CUSIP/ISIN:** | &nbsp;&nbsp;040555 DH4 / US04055DH45 | &nbsp;&nbsp;040555 DJ0 / US040555DJ01 |
| &nbsp;&nbsp;**Joint Book-Running Managers:** | &nbsp;&nbsp; Barclays Capital Inc.<br> BMO Capital Markets Corp.<br> BofA Securities, Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> PNC Capital Markets LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> Wells Fargo Securities, LLC | &nbsp;&nbsp; Barclays Capital Inc.<br> BMO Capital Markets Corp.<br> BofA Securities, Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> PNC Capital Markets LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> Wells Fargo Securities, LLC |
| &nbsp;&nbsp;**Co-Manager:** | &nbsp;&nbsp;Academy Securities, Inc. | &nbsp;&nbsp;Academy Securities, 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 contacting Barclays Capital Inc. toll-free at 888-603-5847, BMO Capital Markets Corp. toll-free at 888-200-0266, BofA Securities, Inc. toll-free at 800-294-1322 or by email at dg.prospectus_requests@bofa.com, Mizuho Securities USA LLC toll-free at 866-271-7403**, **MUFG Securities Americas Inc. toll-free at 877-649-6848**, **PNC Capital Markets LLC toll-free at 855-881-0697, TD Securities (USA) LLC toll-free at 855-495-9846, Truist Securities, Inc. toll free at 800-685-4786 or Wells Fargo Securities, LLC toll-free at 800-645-3751.**

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.