Avista gets $70 million term loan via MUFG to repay maturing bonds

By Marisa Wong

Morgantown, W.Va., Aug. 16 – Avista Corp. entered into a $70 million unsecured term loan agreement on Aug. 10 with MUFG Union Bank, NA as lender, lead arranger and bookrunner and administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreement expires on Dec. 30, 2016.

Loans bear interest at Libor.

The agreement includes a covenant requiring the company to not permit its ratio of consolidated total debt to consolidated total capitalization to be greater than 65% at any time.

The company has borrowed the entire $70 million available to repay a portion of its $90 million first mortgage bonds maturing in August, the filing noted.

Avista is a Spokane, Wash.-based energy company.

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