By Devika Patel
Knoxville, Tenn., Sept. 30 – Avista Corp. settled a $70 million private placement of 2.9% first mortgage bonds due 2051 on Sept. 28, according to an 8-K filed with the Securities and Exchange Commission.
The company expects to sell another $70 million of the bonds on Dec. 1.
Proceeds will be used to repay some of the outstanding borrowings under the company’s $400 million line of credit.
Avista is a Spokane, Wash.-based energy company.
| Issuer: | Avista Corp.
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| Issue: | Series Q first mortgage bonds
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| Amount: | $140 million
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| Maturity: | 2051
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| Coupon: | 2.9%
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| Call: | Make-whole call
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| Settlement date: | Sept. 28 (for $70 million), Dec. 1 (for $70 million)
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| Distribution: | Private placement
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