By Andrea Heisinger
New York, Sept. 15 - Avista Corp. priced $250 million 5.125% first mortgage bonds due April 1, 2022 on Tuesday to yield Treasuries plus 170 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced at 99.77 to yield 5.15%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were J.P. Morgan Securities Inc. and UBS Investment Bank.
Senior co-managers were Bank of America Merrill Lynch, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc. and Wells Fargo Securities LLC.
Co-managers were Comerica Securities Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used to retire variable-rate short-term borrowings outstanding under a $320 million credit facility maturing in April 2011 and for general corporate purposes.
The energy company is based in Spokane, Wash.
Issuer: | Avista Corp.
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Issue: | First mortgage bonds
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Amount: | $250 million
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Maturity: | April 1, 2022
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Bookrunners: | J.P. Morgan Securities Inc., UBS Investment Bank
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Senior co-managers: | Bank of America Merrill Lynch, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc., Wells Fargo Securities LLC
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Co-managers: | Comerica Securities Inc., U.S. Bancorp Investments Inc.
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Coupon: | 5.125%
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Price: | 99.77
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Yield: | 5.15%
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Spread: | Treasuries plus 170 bps
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Call: | Make-whole at Treasuries plus 30 bps
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Trade date: | Sept. 15
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Settlement date: | Sept. 22
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Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB+
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| Fitch: BBB+
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