By Wendy Van Sickle
Columbus, Ohio, March 31 – Avista Corp. sold $250 million of 5.66% first mortgage bonds with a 30-year tenor in a private placement with institutional investors on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
In connection with the pricing of the first mortgage bonds, the company cash settled four interest rate swap derivatives with total notional aggregate amount of $40 million and received a net amount of $7.5 million, which will be amortized as a component of interest expense over the life of the debt.
Proceeds will be used for the construction or improvement of utility facilities and to refinance existing debt.
Avista is a Spokane, Wash.-based electric and natural gas utility.
| Issuer: | Avista Corp.
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| Amount: | $250 million
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| Issue: | First mortgage bonds
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| Maturity: | April 1, 2053
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| Coupon: | 5.66%
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| Settlement date: | March 29
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| Distribution: | Private placement
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