By Andrea Heisinger
Omaha, March 27 - Avista Corp. priced $250 million in 5.95% 10-year first mortgage bonds Thursday to yield Treasuries plus 250 basis points, an informed source said.
The non-callable notes (Baa2/BBB+) priced at 99.666 to yield 5.992%.
The notes priced at the tight end of price talk, which was 250 bps to 262.5 bps more than Treasuries.
Bookrunners were Bank of New York Capital Markets Inc., Goldman Sachs & Co. and UBS Investment Bank.
Co-managers were Banc of America Securities LLC, KeyBanc Capital Markets, Wedbush Morgan Securities Inc. and Wells Fargo Securities.
Proceeds will be used to repay senior unsecured notes maturing on June 1, 2008 and for general corporate purposes. Pending that, proceeds will be invested in short-term investments or used to retire short-term debt.
The electricity and natural gas provider is based in Spokane, Wash.
| Issuer: | Avista Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | June 1, 2018
|
| Bookrunners: | Bank of New York Capital Markets Inc., Goldman Sachs & Co. and UBS Investment Bank
|
| Co-managers: | Banc of America Securities LLC, KeyBanc Capital Markets, Wedbush Morgan Securities Inc., Wells Fargo Securities
|
| Coupon: | 5.95%
|
| Price: | 99.666
|
| Yield: | 5.992%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Non-callable
|
| Trade date: | March 27
|
| Settlement date: | April 3
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Price talk: | Treasuries plus 250 to 262.5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
