Avista intends to sell first mortgage bonds through four bookrunners

By Devika Patel

Knoxville, Tenn., May 15 – Avista Corp. intends to price first mortgage bonds, according to a 424B3 filing with the Securities and Exchange Commission.

The bonds have a make-whole call and then a par call.

BNY Capital Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the bookrunners.

KeyBanc Capital Markets Inc., SMBC Nikko and U.S. Bancorp Investments Inc. are the co-managers.

Proceeds will be used to repay $39.5 million of borrowings under the company's $400 million credit facility, to pay at maturity $250 million of 5.95% first mortgage bonds on June 1, 2018, to pay at maturity $15.5 million of 7.45% secured medium-term notes, series A, on June 11, 2018 and for the company’s construction, facility improvement and maintenance programs and other general corporate purposes.

Avista is a Spokane, Wash.-based energy company.

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