Avista to repay borrowings under $400 million facility via new bonds

By Rebecca Melvin

Concord, N.H., March 8 – Avista Corp. plans to repay borrowings under its $400 million credit facility using proceeds of a new offering of fixed-rate first mortgage bonds, according to a 424B3 filing with the Securities and Exchange Commission on Tuesday.

The company will also pay down $250 million of first mortgage bonds due April 1, 2022 and fund construction, facility improvements and maintenance programs using proceeds of the new bonds.

Joint bookrunners of the new issue are BofA Securities, Inc., MUFG, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.

The company is using both in-house counsel and Pillsbury Winthrop Shaw Pittman LLP.

Avista is a Spokane, Wash.-based electric and natural gas utility.

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