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Lines of Credit and Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2019
Lines of Credit and Short-Term Borrowings |
Lines of Credit and Short-Term Borrowings | 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, 2019 and 2018 (dollars in thousands):
| December 31, 2019 |  | December 31, 2018
| Pinnacle West | APS | Total |  | Pinnacle West | APS | Total
Commitments under Credit Facilities | $ | 200,000 |  | $ | 1,000,000 |  | $ | 1,200,000 |  |  | $ | 350,000 |  | $ | 1,000,000 |  | $ | 1,350,000 |
Outstanding Commercial Paper and Revolving Credit Facility Borrowings | (76,675 | ) | — |  | (76,675 | ) |  | (76,400 | ) | — |  | (76,400 | )
Amount of Credit Facilities Available | $ | 123,325 |  | $ | 1,000,000 |  | $ | 1,123,325 |  |  | $ | 273,600 |  | $ | 1,000,000 |  | $ | 1,273,600 |
Weighted-Average Commitment Fees | 0.125% | 0.100% |  |  | 0.125% | 0.100% |
Pinnacle West On May 9, 2019, Pinnacle West entered into a $50 million term loan agreement that matures May 7, 2020. Pinnacle West used the proceeds to refinance indebtedness under and terminate a prior $150 million revolving credit facility. Borrowings under the agreement bear interest at London Inter-bank Offered Rate ("LIBOR") plus 0.55% per annum. At December 31, 2019, Pinnacle West had $38 million in outstanding borrowings under the agreement. At December 31, 2019, Pinnacle West had a $200 million revolving credit facility that matures in July 2023. 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. Interest rates are based on Pinnacle West's senior unsecured debt credit ratings. The facility is available to support Pinnacle West's $200 million commercial paper program, for bank borrowings or for issuances of letters of credits. At December 31, 2019, Pinnacle West had no outstanding borrowings under its credit facility, no letters of credit outstanding and $77 million of commercial paper borrowings. APS At December 31, 2019, APS had two revolving credit facilities totaling $1 billion, including a $500 million credit facility that matures in June 2022 and a $500 million facility that matures in July 2023. 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, 2019, APS had no commercial paper outstanding and no outstanding borrowings or letters of credit under its revolving credit facilities. See "Financial Assurances" in Note 11 for a discussion of APS's other outstanding letters of credit. Debt Provisions On November 27, 2018, 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 (i) 7% of APS’s capitalization, and (ii) $500 million (which is required to be used for costs relating to purchases of natural gas and power). See Note 7 for additional long-term debt provisions.

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