RULE 424(B)(2)
REGISTRATION STATEMENT NOS.
33-55473, 33-64455 and 333-15379
PRICING SUPPLEMENT NO. 1, DATED APRIL 7, 1997,
TO PROSPECTUS, DATED DECEMBER 26, 1996 AND PROSPECTUS
SUPPLEMENT, DATED DECEMBER 26, 1996
ARIZONA PUBLIC SERVICE COMPANY
MEDIUM-TERM SENIOR NOTES,
(FIXED RATE)
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
<TABLE>
<S> <C>
INTEREST PAYABLE EACH APRIL 1 AND FORM:
OCTOBER 1 AND AT MATURITY X Book Entry Certificated
----- -----
REGULAR RECORD DATES: EACH TYPE: X Senior Notes
MARCH 15 AND SEPTEMBER 15 -----
Debt Securities
ISSUE PRICE: 100% -----
First Mortgage Bonds
-----
DISTRIBUTOR'S COMMISSION: .250% DISTRIBUTOR(S)/AMOUNT:
Credit Suisse First Boston Corporation/$25,000,000
ORIGINAL ISSUE DATE: 04/10/97 Salomon Brothers Inc/$25,000,000
INTEREST RATE PER ANNUM: 6.72% from CURRENCY OR CURRENCY UNIT:
April 10, 1997 X U.S. Dollars (USD or U.S. $)
-----
COUPON DAY COUNT: 30/360
PUT DATES: N/A
STATED MATURITY: 04/01/99
USE OF PROCEEDS:
REPURCHASE PRICE Repayment of short-term debt (estimated average interest
(For Discount Securities): N/A rate 5.6%) incurred to repurchase long-term debt and preferred stock
REDEMPTION INFORMATION: Redeemable at
the Make-Whole Redemption Price (See pages S-3 to
S-4 of the Prospectus Supplement)
REPAYMENT INFORMATION: N/A
OTHER PROVISIONS: N/A
</TABLE>
- --------------------------------------------------------------------------------
The aggregate principal amount of this offering is U.S. $50,000,000 (which, if
the securities offered hereby are denominated in a currency or currency unit
other than U.S. dollars, is the equivalent, in the currency or currency units
set forth herein, of the principal amount set forth herein at the Exchange Rate
set forth herein) and relates only to Pricing Supplement No. 1. Securities,
including Medium-Term Notes, may be issued by the Company in the aggregate
principal amount of up to U.S. $75,000,000 or the equivalent in foreign currency
units. To date, including this offering, an aggregate of U.S. $50,000,000 or the
equivalent in foreign currency or foreign currency units of Medium-Term Notes,
and all other Securities, has been issued.
- --------------------------------------------------------------------------------
<TABLE>
=========================================================================================================
<S> <C>
TYPE OF SALE: IF PRINCIPAL TRANSACTION, REOFFERING AT:
As Agent X varying prices related to
----- ----- prevailing market prices at the
X As Principal time of resale
----- fixed public offering price of ____%
----- of Principal Amount
=========================================================================================================
</TABLE>
