By Lisa Kerner
Charlotte, N.C., Dec. 16 - Avista Corp. issued $85 million of 4.45% first mortgage bonds due 2041 to institutional investors on Wednesday, according to a form 8-K filed with the Securities and Exchange Commission.
Proceeds will be used to repay a portion of the borrowings outstanding under the company's $400 million committed line of credit.
Avista announced the new issue private placement on Nov. 1.
The notes have a make-whole call option at Treasuries plus 50 basis points.
The bonds have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration.
Avista is a Spokane, Wash.-based energy company.
Issuer: | Avista Corp.
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Issue: | First mortgage bonds
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Amount: | $85 million
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Maturity: | Dec. 14, 2041
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Coupon: | 4.45%
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Call option: | Make-whole at Treasuries plus 50 bps
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Pricing date: | Nov. 1
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Settlement date: | Dec. 14
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Distribution: | Private placement
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