By Andrea Heisinger
New York, Sept. 15 - Avista Corp. priced $250 million 5.125% first mortgage bonds due April 1, 2022 on Tuesday to yield Treasuries plus 170 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced at 99.77 to yield 5.15%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were J.P. Morgan Securities Inc. and UBS Investment Bank.
Senior co-managers were Bank of America Merrill Lynch, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc. and Wells Fargo Securities LLC.
Co-managers were Comerica Securities Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used to retire variable-rate short-term borrowings outstanding under a $320 million credit facility maturing in April 2011 and for general corporate purposes.
The energy company is based in Spokane, Wash.
| Issuer: | Avista Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | April 1, 2022
|
| Bookrunners: | J.P. Morgan Securities Inc., UBS Investment Bank
|
| Senior co-managers: | Bank of America Merrill Lynch, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc., Wells Fargo Securities LLC
|
| Co-managers: | Comerica Securities Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 5.125%
|
| Price: | 99.77
|
| Yield: | 5.15%
|
| Spread: | Treasuries plus 170 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
© 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.
