New Issue: Avista Corp. $150 million five-year notes yield 7¾%

By Paul A. Harris

St. Louis, Mo., Dec. 13 - Avista Corp. priced $150 million of five-year first mortgage bonds in an investment grade offering that was being marketed to both high grade and high yield accounts, according to syndicate sources. The deal priced Wednesday evening at par to yield 7¾%, a spread of 350 basis points over Treasuries.

Goldman, Sachs & Co. was bookrunner on the Rule 144A transaction. Also in the syndicate were BNY Capital Markets, Fleet Securities and TD Securities, sources said.

Price talk had been for a spread of 345-350 basis points.

Issuer:	Avista Corp.
Amount:	$150 million
Maturity:	Jan. 1, 2007
Type:	First mortgage notes
Bookrunner:	Goldman Sachs
Co-managers:	BNY Capital Markets, Fleet Securities, and TD Securities
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	350 basis points
Call features:	Non-callable
Payment dates:	Jan. 1, and July 1 commencing July 1, 2002
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
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