By Lisa Kerner
Charlotte, N.C., Dec. 22 - Avista Corp. issued a total of $87 million of first mortgage bonds to institutional investors in the private placement market.
The issue included $52 million of 3.89% first mortgage bonds due in 2020 and $35 million of 5.55% first mortgage bonds due in 2040, according to a form 8-K filing with the Securities and Exchange Commission.
Total net proceeds of $86.6 million were used to redeem $45 million of 6.125% first mortgage bonds due in December 2013 and $30 million of 7.25% first mortgage bonds due in September 2013. These first mortgage bonds were redeemed on Monday at par plus a make-whole redemption premium of $10.7 million, the company said.
The issuance was made under an amended indenture between Avista, a Spokane, Wash.-based energy company, and Citibank, NA.
| Issuer: | Avista Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $87 million
|
| Distribution: | Private placement
|
|
|
| Tranche 1
|
| Amount: | $52 million
|
| Coupon: | 3.89%
|
| Maturity: | 2020
|
|
|
| Tranche 1
|
| Amount: | $35 million
|
| Coupon: | 5.55%
|
| Maturity: | 2040
|
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