By Lisa Kerner
Charlotte, N.C., Dec. 18 – Avista Corp. issued $100 million of 4.37% first mortgage bonds due 2045 to five institutional investors on Dec. 16.
Proceeds were used to repay a portion of the borrowings outstanding under the company’s $400 million committed line of credit and for general corporate purposes, according to an 8-K filed with the Securities and Exchange Commission.
In connection with the pricing of the bonds in September, Avista cash settled five interest rate swap contracts (notional total amount of $75 million) and paid a total of $9.3 million, which will be amortized as a component of interest expense over the life of the debt.
The bonds have not been, and will not be, registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Avista is a Spokane, Wash.-based energy company.
| Issuer: | Avista Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $100 million
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| Coupon: | 4.37%
|
| Maturity: | 2045
|
| Settlement: | Dec. 16
|
| Distribution: | Private placement
|
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