Lines of Credit and Short-Term Borrowings

Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs, to refinance indebtedness, and for other general corporate purposes.

The table below presents the consolidated credit facilities and the amounts available and outstanding as of December 31, 2017 and 2016 (dollars in thousands):



	December 31, 2017								December 31, 2016
	Pinnacle West			APS		Total			Pinnacle West			APS			Total
Commitments under Credit Facilities	$	325,000		$	1,000,000	$	1,325,000		$	275,000		$	1,000,000		$	1,275,000
Outstanding Commercial Paper and Revolving Credit Facility Borrowings	(95,400		)	—		(95,400		)	(41,700		)	(135,500		)	(177,200		)
Amount of Credit Facilities Available	$	229,600		$	1,000,000	$	1,229,600		$	233,300		$	864,500		$	1,097,800

Weighted-Average Commitment Fees	0.125%			0.100%					0.125%			0.100%

Pinnacle West

At December 31, 2017, Pinnacle West had a $200 million facility that matures in May 2021. Pinnacle West has the option to increase the amount of the facility up to a maximum of $300 million upon the satisfaction of certain conditions and with the consent of the lenders. At December 31, 2017, Pinnacle West had no outstanding borrowings under its credit facility, no letters of credit outstanding and $29.4 million of commercial paper borrowings.

On July 31, 2017, Pinnacle West amended its 364-day unsecured revolving credit facility to increase its capacity from $75 million to $125 million, and to extend the termination date of the facility from August 30, 2017 to July 30, 2018. Borrowings under the facility bear interest at LIBOR plus 0.80% per annum. At December 31, 2017, Pinnacle West had $66 million outstanding under the facility.

APS

On June 29, 2017, APS replaced its $500 million revolving credit facility that would have matured in September 2020, with a new $500 million facility that matures in June 2022.

At December 31, 2017, APS had two revolving credit facilities totaling $1 billion, including a $500 million credit facility that matures in May 2021 and the above-mentioned $500 million facility. APS may increase the amount of each facility up to a maximum of $700 million, for a total of $1.4 billion, upon the satisfaction of certain conditions and with the consent of the lenders. Interest rates are based on APS’s senior unsecured debt credit ratings. These facilities are available to support APS’s $500 million commercial paper program, for bank borrowings or for issuances of letters of credit. At December 31, 2017, APS had no commercial paper outstanding and no outstanding borrowings or letters of credit under its revolving credit facilities. See "Financial Assurances" in Note 10 for a discussion of APS's other outstanding letters of credit.

Debt Provisions

On February 6, 2013, the ACC issued a financing order in which, subject to specified parameters and procedures, it approved APS’s short-term debt authorization equal to a sum of 7% of APS’s capitalization, and $500 million (which is required to be used for costs relating to purchases of natural gas and power). This financing order was set to expire on December 31, 2017; however, on December 15, 2016, APS filed a financing application with the ACC requesting continuation of its authorization of (i) Continuing Long-Term Debt of $5.1 billion and (ii) Continuing Short-Term Debt. The financing application is currently pending with the ACC. The authorizations approved in the 2013 order continue until further order of the ACC with respect to the pending application. See Note 6 for additional long-term debt provisions.