Avista again pushes back consent solicitation deadline

By Laura Lutz

Des Moines, July 28 - Avista Corp. again extended the consent solicitation for its 9¾% senior notes due June 1, 2008 to 5 p.m. ET on Aug. 24.

The deadline was moved from July 27, itself an extension of the July 20 deadline set when the consent solicitation was announced on July 10.

As previously announced, the company is seeking consents to pay as a dividend to its shareholders all the stock of Avista Capital, Inc., the holding company of Avista Corp.'s non-utility businesses. Avista Corp. needs a one-time waiver of compliance with some provisions of the notes.

Avista Corp. will pay a $1.25 consent fee per $1,000 principal amount of notes if the waiver becomes effective.

The dividend is planned as part of the formal separation of Avista Corp.'s non-utility businesses from its regulated utility business.

Avista Corp. intends to form a holding company and will then distribute all the stock of Avista Capital to its new corporate parent and sole shareholder. Holders of Avista's common stock and the Federal Energy Regulatory Commission have already approved the plan, but not all of the relevant state utility commissions.

Goldman, Sachs & Co. (800 828-3182 or 212 357-7867) is the solicitation agent, and the information agent is Georgeson Shareholder Communications, Inc. (800 509-1303 or 212 440-9800).

Avista Corp. is a Spokane, Washington-based energy company.

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