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HomeMy WebLinkAbout20080731AVU to Staff 224.pdfAvista Corp. 1411 East Mission P.O. Box 3727 Spokane. Washington 99220-0500 Telephone 509-489-0500 Toll Free 800-727-9170 ~~~'V'STA. Corp. July 30, 2008 Idaho Public Utilities Commission 472 W. Washington St. Boise, il 83720-0074 Attn: Scott Woodbury Deputy Attorney General Re: Production Request of the Commission Staff in Case Nos. AVU-E-08-01 and A VU-G-08-01 Dear Mr. Woodbury, Enclosed is an original and three copies of Avista's response to IPUC Staffs production request 224 in the above referenced docket. The electronic version of this response was emailed on 7/30/08 and is also being provided in electronic format on the CDs included in this mailing. If there are any questions regarding the enclosed information, please contact me at .(509) 495- 8620 or via e-mail at pat. ehrbarêavistacorp. com Sincerely,Q~~ Patrick Ehrbar Regulatory Analyst Enclosures CC: Brad Purdy, CAP AI (Paper and Email) . . . JUSDICTION: CASE NO: REQUESTER: TYE: REQUEST NO.: REQUEST: AVISTACORPORATION RESPONSE TO REQUEST FOR INFORMTION IDAHO AVU-E-08-01 / A VU-G-08-01 IPUC Production Request Staff-224 DATE PREPARD:WISS: RESPONDER: DEPARTMENT: TELEPHONE: 07/29/08 Malyn Malquist Paul Kimball Finance (509) 495-4584 Please provide schedules showing the actual capital strctue and embedded costs at June 30, 2008 and July 31, 2008. Please provide an updated capital structure and cost of debt for December 31, 2008. RESPONSE: The information for July 31, 2008 wil not be available until early August, and that information wil be sent as soon as it is finalized. Please see "StafCPR_224-Attachment A.xls" for the actual capital strctue and embedded costs at June 30, 2008. Please see "StafCPR _ 224-Attachment B.xls" for the proforma updated capital structure and cost of debt for December 31, 2008. . . 10 Co s t o f C a p i t a l a s o f Pe r c e n t o f Ju n e 3 0 , 2 0 0 8 Am o u n t To t a l C a p i t a l Co s t Co m p o n e n t To t a l D e b t $1 , 0 0 0 , 8 0 0 , 0 0 0 50 . 5 4 % 6. 9 3 % 3. 5 0 % Co m m o n E q u i t y 97 9 , 3 0 4 , 3 6 7 49 . 4 6 % 10 . 8 0 % 5. 3 4 % TO T A L $1 , 9 8 0 , 1 0 4 , 3 6 7 10 0 . 0 0 % ~ 8. 8 5 % 1 St a f C P R _ 2 2 4 - A t t a c h m e n t A . x l s .Pa g e 1 o f 3 . . . AV I S T A C O R P O R A T I O N Co s t o f L o n g - T e r m D e b t D e t a i l Ju n e 3 0 , 2 0 0 8 Pn n c i p a l Un e Co u p o n Ma t u n t y Se t t l e m e n t Pn n c i p a l Is s u a n c e Re d e m p t i o n Ne t Yie l d t o Ou t s t a n d i n g Ef f e c t i v e Un e .! De s c n p t i o n Ra t e Da t e Da t e Am o u n t Co s t s Co s t s Pr o c e e d s Ma t u n t y 06 - 3 0 - 2 0 0 8 Co s t .2 (a ) (b ) (c ) (d ) (e ) (f ) (g ) (h ) (i ) OJ (k ) 1 SM T N S e n e s A Se n e s C o s t s A 08 - 3 1 - 2 0 1 0 05 - 1 - 1 9 9 3 37 3 , 6 9 3 21 . 6 6 3 1 2 SM T N S e n e s A 6.6 7 % 07 - 1 2 - 2 0 1 0 07 - 1 2 - 1 9 9 3 5, 0 0 0 , 0 0 0 35 , 0 8 1 69 0 , 4 6 4, 2 7 4 , 4 5 5 8.2 7 5 % 5.0 0 0 , 0 0 0 41 3 , 7 6 5 2 3 SM T N S e n e s A 7.1 8 % 08 - 1 1 - 2 0 2 3 08 - 1 2 - 1 9 9 3 7, 0 0 0 , 0 0 0 54 . 3 6 4 6, 9 4 5 . 6 3 6 7.2 4 4 % 7. 0 0 0 . 0 0 0 50 7 . 0 6 4 3 4 SM T N S e n e s A 7.3 7 % 05 - 1 0 - 2 0 1 2 05 - 1 0 - 1 9 9 3 7. 0 0 0 . 0 0 0 49 , 1 1 4 1. 2 2 7 . 8 8 3 5. 7 2 3 , 0 0 3 9.4 5 5 % 7. 0 0 0 , 0 0 0 66 1 . 8 7 7 4 5 SM T N S e n e s A 7.3 9 % 05 - 1 1 - 2 0 1 8 05 - 1 1 - 1 9 9 3 7. 0 0 0 , 0 0 0 54 . 3 6 4 1.2 2 7 , 8 8 3 5, 7 1 7 , 7 5 3 9.2 8 7 % 7. 0 0 0 . 0 0 0 65 0 , 1 1 4 5 6 SM T N S e n e s A 7.4 5 % 06 - 1 1 - 2 0 1 8 06 - 0 9 - 1 9 9 3 15 , 5 0 0 , 0 0 0 17 0 , 5 9 7 2.1 4 0 , 4 4 0 13 , 1 8 8 , 9 6 3 8.9 5 3 % 15 . 5 0 0 . 0 0 0 1, 3 8 7 . 7 1 5 6 7 SM T N S e n e s A 7.5 3 % 05 - 0 5 - 2 0 2 3 05 - 0 6 - 1 9 9 3 5. 5 0 0 , 0 0 0 42 , 7 1 2 96 3 , 0 1 1 4, 4 9 4 , 2 7 7 9.3 5 9 % 5. 5 0 0 , 0 0 0 51 4 . 7 4 4 7 8 SM T N S e n e s A 7.5 4 % 05 - 0 5 - 2 0 2 3 05 - 0 7 - 1 9 9 3 1,0 0 0 , 0 0 0 7, 7 6 6 17 5 , 4 1 2 81 6 . 8 2 2 9. 3 7 5 % 1. 0 0 0 . 0 0 0 93 , 7 4 7 8 9 SM T N S e n e s B Se n e s C o s t s B 05 - 0 1 - 2 0 0 9 05 - 1 - 1 9 9 4 32 9 , 0 2 2 21 . 9 3 5 9 10 SM T N S e n e s B 6.9 0 % 07 - 0 1 - 2 0 1 0 06 - 0 9 - 1 9 9 5 5, 0 0 0 , 0 0 0 37 , 9 4 4 4. 9 6 2 . 0 5 6 6. 9 8 2 % 5. 0 0 0 . 0 0 0 34 9 . 0 7 7 10 11 5. 7 0 % F M B ' s 5.7 0 % 07 - 0 1 - 2 0 3 7 12 - 1 5 - 2 0 0 6 15 0 . 0 0 0 , 0 0 0 8,6 6 2 , 3 0 4 14 1 , 3 3 7 . 6 9 6 6.1 2 0 % 15 0 . 0 0 0 , 0 0 0 9,1 7 9 . 6 7 4 11 12 6. 1 2 5 % F M B ' s 6.1 3 % 09 - 0 1 - 2 0 1 3 09 - 0 8 - 2 0 0 3 45 . 0 0 0 . 0 0 0 1, 0 5 5 . 1 4 0 81 5 , 8 2 4 43 . 1 2 9 . 0 3 6 6. 7 0 3 % 45 . 0 0 0 . 0 0 0 3,0 1 6 . 2 4 8 12 13 5.4 5 % F M B ' s 5.4 5 % 12 - 0 1 - 2 0 1 9 11 - 1 8 - 2 0 0 4 90 . 0 0 0 . 0 0 0 1,4 3 2 , 0 8 1 88 . 5 6 7 . 9 1 9 5. 6 0 8 % 90 , 0 0 0 , 0 0 0 5.0 4 7 . 0 0 1 13 14 6. 2 5 % F M B ' s 6.2 5 % 12 - 0 1 - 2 0 3 5 11 - 1 7 - 2 0 0 5 15 0 , 0 0 0 . 0 0 0 -2 . 1 9 2 . 9 1 8 15 2 . 1 9 2 . 9 1 8 6. 1 4 3 % 15 0 , 0 0 0 , 0 0 0 9.2 1 3 . 7 9 8 14 15 5.9 5 % F M B ' s 5.9 5 % 06 . 0 1 - 2 0 1 8 04 - 2 - 2 0 0 8 25 0 . 0 0 0 . 0 0 0 19 , 5 0 5 , 0 0 0 23 0 , 4 9 5 . 0 0 0 7. 0 3 6 % 25 0 . 0 0 0 , 0 0 0 17 . 5 8 9 , 5 4 3 15 16 PC B ' s K e t t l e F a l l s 6. 0 0 % 12 - 0 1 - 2 0 2 3 07 - 2 9 - 1 9 9 3 4. 1 0 0 . 0 0 0 13 5 . 8 5 5 14 6 . 3 9 3 3. 8 1 7 . 7 5 2 6. 5 2 3 % 4.1 0 0 , 0 0 0 26 7 , 4 4 1 16 17 1 P C B ' s S e n e s 1 9 9 9 A 5.0 0 % 10 - 0 1 - 2 0 3 2 09 - 0 1 - 1 9 9 9 66 . 7 0 0 . 0 0 0 2, 8 0 0 , 6 3 1 4, 7 5 1 . 9 8 4 59 . 1 4 7 . 3 8 5 5. 7 7 0 % 66 . 7 0 0 , 0 0 0 3. 8 4 , 8 8 3 17 18 1 P C B ' s S e n e s 1 9 9 9 B 5.1 3 % 03 - 0 1 - 2 0 3 4 09 - 0 1 - 1 9 9 9 17 . 0 0 0 . 0 0 0 97 9 , 8 8 6 1,2 6 6 . 2 6 5 14 , 7 5 3 . 8 4 9 6. 0 4 1 % 17 , 0 0 0 , 0 0 0 1, 0 2 6 . 9 0 7 18 19 MT N ' s S e n e s C Se n e s C o s t s C 06 - 1 5 - 2 0 1 3 06 - 1 5 - 1 9 9 8 65 0 . 1 7 9 43 . 3 4 5 19 20 MT N ' s S e n e s C 6.3 7 % 06 - 1 9 - 2 0 2 8 06 - 1 9 - 1 9 9 8 25 , 0 0 0 . 0 0 0 15 8 , 3 0 4 18 8 . 6 4 9 24 . 6 5 3 . 0 4 7 6. 4 7 5 % 25 , 0 0 0 , 0 0 0 1, 6 1 8 , 6 6 3 20 21 MT N ' s S e n e s C 6.0 6 % 12 - 1 0 - 2 0 0 8 12 - 1 0 - 1 9 9 8 25 . 0 0 0 , 0 0 0 15 9 , 1 8 1 24 . 8 4 . 8 1 9 6. 1 4 8 % 25 . 0 0 0 , 0 0 0 1. 5 3 6 . 5 4 21 22 MT N ' s S e n e s C 8.0 2 % 10 - 2 6 - 2 0 1 0 10 - 2 6 - 1 9 9 9 25 , 0 0 0 , 0 0 0 16 1 . 2 8 7 70 7 , 5 2 7 24 , 1 3 1 . 1 8 6 8. 5 1 3 % 25 . 0 0 0 . 0 0 0 2,1 2 8 . 2 0 7 22 23 Tr u s t P r e e r r S e c u n 6.5 0 % 04 - 0 1 - 2 0 3 4 04 - 5 - 2 0 0 4 60 . 0 0 0 , 0 0 0 1. 5 4 , 1 3 4 1. 9 8 9 , 9 7 2 56 , 4 8 9 , 8 9 4 6.9 7 0 % 60 . 0 0 0 . 0 0 0 4,1 8 2 . 1 6 1 23 24 24 25 90 9 . 6 5 9 , 4 6 6 6.5 9 0 % 96 0 . 8 0 0 . 0 0 0 63 . 3 2 0 , 3 1 8 25 26 26 27 Re p u r c h a s e 2 7.7 4 % 12 - 3 1 - 2 0 1 7 06 - 3 0 - 2 0 0 6 6. 8 7 5 . 0 0 0 48 3 , 5 8 2 6. 3 9 1 , 4 1 8 8.7 2 1 % 3 66 . 5 8 6 27 28 Re p u r c h a s e 2 8.1 7 % 06 - 3 0 - 2 0 1 5 06 - 3 0 - 2 0 0 5 26 , 0 0 0 . 0 0 0 1, 7 3 5 , 7 9 6 24 . 2 6 4 . 2 0 4 9.2 0 6 % 3 25 7 . 5 5 9 28 29 Re p u r c h a s e 2 8.4 1 % 06 - 3 0 - 2 0 1 4 06 - 3 - 2 0 0 4 36 , 5 9 0 , 0 0 0 7. 3 5 8 , 6 8 0 29 , 2 3 1 . 3 2 0 11 . 9 0 3 % 3 1, 2 9 7 . 2 0 5 29 30 Re p u r c h a s e 2 8.6 8 % 09 - 3 0 - 2 0 1 2 06 - 3 0 - 2 0 0 3 52 , 4 8 5 , 0 0 0 2. 8 1 9 , 8 6 0 49 , 6 6 5 . 1 4 0 9.5 6 4 % 3 48 1 , 1 7 9 30 31 Re p u r c h a s e 2 8.7 6 % 09 - 3 0 - 2 0 1 0 06 - 3 0 - 2 0 0 2 20 3 . 5 9 0 . 0 0 0 9. 9 5 8 , 7 8 2 19 3 , 6 3 1 , 2 1 8 9.6 2 8 % 3 1. 8 4 1 , 4 8 0 31 32 3. 9 4 , 0 0 9 32 33 33 34 4 V a r . R a t e L o n g - T e r m D e b t 40 , 0 0 0 . 0 0 0 1, 2 9 6 , 0 8 6 -2 . 5 0 0 , 0 0 0 40 . 0 0 0 , 0 0 0 5.3 4 5 % 40 , 0 0 0 , 0 0 0 2, 1 3 7 . 9 0 1 34 35 35 36 10 T O T A L D E B T O U T S T A N D I N G A N D C O S T O F D E B T A T J u n e 3 0 , 2 0 0 8 94 9 , 6 5 9 , 4 6 6 6. 9 3 5 % 1. 0 0 0 . 8 0 0 . 0 0 0 69 , 4 0 2 , 2 2 9 36 1 I n c l u d e s t h e a n n u a l i n s u r a n c e p r e m i u m 2 T h e c o u p o n r a t e u s e d i s t h e c o s t o f d e b t a t th e t i m e o f t h e r e p u r c h a s e s 3 T h e a m o u n t s a r e c a l c u l a t e d u s i n g t h e I R R f u n c t i o n 4 I n f o r m a t i o n p u l i s f r o m t h e - V a r . R a t e L o n g - T e r m t a b St a f C P R _ 2 2 4 - A t t a c h m e n t A . x l s Pa g e 2 o f 3 . . . AV I S T A C O R P O R A T I O N Pr o f o r m a C o s t o f L o n g " T e r m V a r i : : b l e R a t e Ju n e 3 0 . 2 0 0 8 1 Ju n - 7 Ju l - 0 7 Au g - 0 7 Se p - 7 Oc t - 0 7 No v - 0 7 De c - 0 7 Ja n . l 8 Fe b - 0 8 Ma r - 0 8 Ap r . l 8 Ma y - 0 8 Ju n . 0 8 Av g o f 2 (a ) (b ) (c ) (d ) (e ) (I ) (9 ) (h ) (I ) 0) (k ) (I ) (m ) (n ) (0 ) 3 Tr u s t P r e e r r e d $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 40 , 0 0 0 , 0 0 0 4 To t a l S h o r t T e n n D e b t $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 5 6 Nu m b e r o f D a y s i n M o n t h 31 31 30 31 30 31 31 29 31 30 31 30 36 6 7 Ac t u a l R a t e s 6, 2 4 % 6, 2 4 % 6.4 6 % 6.4 6 % 6.4 6 % 6,0 0 % 6,0 0 % 6.0 0 % 3.9 5 % 3.9 5 % 3.9 5 % 3.5 6 % 8 Tr u s t P r e e r r I n t e r e s t E x p e n s e 21 4 , 7 6 1 21 4 , 7 6 1 21 5 , 1 6 7 22 2 , 3 3 9 21 5 , 1 6 7 20 6 , 6 2 4 20 6 . 6 2 4 19 3 . 2 9 3 13 6 . 0 7 7 13 1 , 6 8 8 13 6 . 0 7 7 11 8 , 5 6 3 2.2 1 1 . 1 4 0 9 To t l In t e r e t E x p e n s e 21 4 . 7 6 1 21 4 , 7 6 1 21 5 , 1 6 7 22 2 . 3 3 9 21 5 . 1 6 7 20 6 . 6 2 4 20 6 . 6 2 4 19 3 , 2 9 3 13 6 . 0 7 7 13 1 . 6 8 8 13 6 , 0 7 7 11 8 , 5 6 3 2. 2 1 1 . 1 4 0 10 Fo r e c a s t e d M o n t h l y B o r r o w i n g R a t e 6.2 4 % 6. 2 4 % 6.4 6 % 6.4 6 % 6.4 6 % 6.0 0 % 6.0 0 % 6. 0 0 % 3.9 5 % 3.9 5 % 3. 9 5 % 3.5 6 % 11 Av e r a g e b o r r i n g r a t e u s e d i n t h e c a l u c l a t i o n o f t h e e f e c t i v e c o t s b e l o w 5.5 3 % 12 13 14 15 16 Pr i n c i p a l 17 Co u p o n Ma t u r i Se t t l e m e n t Pr i n c i p a l Is s u a n c e Lo s s l c q Ne t Yie l d to Ou t s t a n d i n g Ef f t i v e 18 De s c r i p t i o n Ra t e Da t e Da t e Am o u n t Co s t s Ex p e n s e s Pr o c e e d s Ma t u r i t y 12 - 3 1 . 2 0 0 8 Co s t 19 (a ) (b ) ( c ) (d ) (e ) (I) (9 ) (h ) (I) OJ (k ) 20 Tr u s t P r e e r r e d 5.5 3 % 06 - 0 1 - 2 0 3 7 06 . 0 3 - 1 9 9 7 40 . 0 0 0 , 0 0 0 1. 2 9 6 . 0 8 6 -2 . 5 0 . 0 0 0 41 . 2 0 3 . 9 1 4 5.3 4 5 % 40 . 0 0 0 , 0 0 0 2.1 3 7 . 9 0 1 21 22 St a f C P R _ 2 2 4 - A t t c h m e n t A . x l s Pa g e 3 o f 3 .C'õ.. 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De s c r i p t i o n Ra t e Da t e Da t e Am o u n t Co s t s Co s t s Pr o c e e d s Ma t u r i t y 12 - 3 1 - 2 0 0 8 Co s t .2 (a ) (b ) (c ) (d ) (e ) (I ) (g ) (h ) (i) OJ (k ) 1 SM T N S e r i e s A Se r i e s C o s t s A 08 - 1 - 2 0 1 0 05 - 0 1 - 1 9 9 3 37 3 , 6 9 3 21 , 6 6 3 1 2 SM T N S e r i e s A 6.6 7 % 07 - 1 2 - 2 0 1 0 07 - 1 2 - 1 9 9 3 5, 0 0 0 , 0 0 0 35 , 0 8 1 69 0 , 4 6 4.2 7 4 . 4 5 5 8. 2 7 5 % 5,0 0 0 . 0 0 0 41 3 , 7 6 5 2 3 SM T N Se r i e s A 7.1 8 % 08 - 1 1 - 2 0 2 3 08 - 1 2 - 1 9 9 3 7. 0 0 0 , 0 0 0 54 . 3 6 4 6. 9 4 . 6 3 6 7.2 4 4 % 7.0 0 0 , 0 0 0 50 7 , 0 6 4 3 4 SM T N S e r i e s A 7.3 7 % 05 - 1 0 - 2 0 1 2 05 - 1 0 - 1 9 9 3 7. 0 0 0 . 0 0 0 49 , 1 1 4 1.2 2 7 . 8 8 3 5. 7 2 3 . 0 0 3 9. 4 5 5 % 7,0 0 0 . 0 0 0 66 1 , 8 7 7 4 5 SM T N S e r i e s A 7.3 9 % 05 - 1 1 - 2 0 1 8 05 - 1 1 - 1 9 9 3 7. 0 0 0 . 0 0 0 54 . 3 6 4 1. 2 2 7 . 8 8 3 5. 7 1 7 . 7 5 3 9. 2 8 7 % 7, 0 0 0 . 0 0 0 65 0 , 1 1 4 5 6 SM T N S e r i e s A 7.4 5 % 06 - 1 1 - 2 0 1 8 06 - 0 9 - 1 9 9 3 15 . 5 0 0 , 0 0 0 17 0 . 5 9 7 2.1 4 0 , 4 4 0 13 , 1 8 8 . 9 6 3 8. 9 5 3 % 15 . 5 0 0 . 0 0 0 1. 3 8 7 . 7 1 5 6 7 SM T N Se r i e s A 7.5 3 % 05 - 5 - 2 0 2 3 05 - 0 6 - 1 9 9 3 5, 5 0 0 . 0 0 0 42 . 7 1 2 96 3 . 0 1 1 4,4 9 4 . 2 7 7 9. 3 5 9 % 5,5 0 0 . 0 0 0 51 4 . 7 4 4 7 8 SM T N Se r i e s A 7.5 4 % 05 - 5 - 2 0 2 3 05 - 0 7 - 1 9 9 3 1, 0 0 0 . 0 0 0 7. 7 6 6 17 5 , 4 1 2 81 6 . 8 2 2 9. 3 7 5 % 1, 0 0 0 , 0 0 0 93 . 7 4 7 8 g SM T N S e r e s B Se r i e s C o s t s B 05 - 1 - 2 0 0 9 05 - 0 1 - 1 9 9 4 32 9 , 0 2 2 21 . 9 3 5 9 10 SM T N S e r e s B 6.9 0 % 07 - 0 1 - 2 0 1 0 06 - 0 9 - 1 9 9 5 5, 0 0 0 . 0 0 0 37 . 9 4 4 4. 9 6 2 . 0 5 6 6. 9 8 2 % 5, 0 0 0 , 0 0 0 34 9 . 0 7 7 10 11 5. 7 0 % F M B ' s 5.7 0 % 07 - 0 1 - 2 0 3 7 12 - 1 5 - 2 0 0 6 15 0 , 0 0 0 , 0 0 0 8.6 6 2 . 3 0 4 14 1 . 3 3 7 . 6 9 6 6. 1 2 0 % 15 0 . 0 0 0 , 0 0 0 9.1 7 9 , 6 7 4 11 12 6. 1 2 5 % F M B ' s 6.1 3 % 09 - 0 1 - 2 0 1 3 09 - 0 8 - 2 0 0 3 45 , 0 0 0 . 0 0 0 1, 0 5 5 . 1 4 0 81 5 , 8 2 4 43 , 1 2 9 , 0 3 6 6. 7 0 3 % 45 , 0 0 0 , 0 0 0 3.0 1 6 . 2 4 8 12 13 5. 4 5 % F M B ' s 5.4 5 % 12 - 0 1 - 2 0 1 9 11 - 1 8 - 2 0 0 4 90 , 0 0 0 . 0 0 0 1,4 3 2 . 0 8 1 88 , 5 6 7 , 9 1 9 5. 6 0 8 % 90 , 0 0 0 . 0 0 0 5.0 4 7 . 0 0 1 13 14 6. 2 5 % F M B ' s 6.2 5 % 12 - 0 1 - 2 0 3 5 11 - 1 7 - 2 0 0 5 15 0 , 0 0 0 . 0 0 0 -2 , 1 9 2 , 9 1 8 15 2 , 1 9 2 , 9 1 8 6. 1 4 3 % 15 0 . 0 0 0 . 0 0 0 9.2 1 3 , 7 9 8 14 15 5. 9 5 % F M B ' s 5.9 5 % 06 - 0 1 - 2 0 1 8 04 - 2 - 2 0 0 8 25 0 , 0 0 0 , 0 0 0 19 . 5 0 5 , 0 0 0 23 0 , 4 9 5 , 0 0 0 7.0 3 6 % 25 0 . 0 0 0 . 0 0 0 17 . 5 6 9 . 5 4 3 15 16 PC B ' s K e t l e F a l l s 6.0 0 % 12 - 0 1 . 2 0 2 3 07 - 2 9 - 1 9 9 3 4, 1 0 0 , 0 0 0 13 5 . 8 5 5 14 6 , 3 9 3 3. 8 1 7 , 7 5 2 6. 5 2 3 % 4.1 0 0 . 0 0 0 26 7 . 4 4 1 16 17 1 P C B ' s S e r i e s 1 9 9 9 A 5.0 0 % 10 - 0 1 - 2 0 3 2 09 - 0 1 - 1 9 9 9 66 , 7 0 0 , 0 0 0 2. 8 0 0 , 6 3 1 4.7 5 1 . 9 8 4 59 . 1 4 7 , 3 8 5 5,7 7 0 % 66 . 7 0 0 , 0 0 0 3, 8 4 , 8 8 3 17 18 1 P C B ' s S e r i e s 1 9 9 9 B 5.1 3 % 03 - 0 1 - 2 0 3 4 09 - 0 1 - 1 9 9 9 17 , 0 0 0 , 0 0 0 97 9 , 8 8 6 1. 2 6 6 , 2 6 5 14 . 7 5 3 . 8 4 9 6. 0 4 1 % 17 . 0 0 0 . 0 0 0 1. 0 2 6 . 9 0 7 18 19 MT N s S e r i C Se r i e s C o s t s C 06 - 1 5 - 2 0 1 3 06 - 1 5 - 1 9 9 8 65 0 , 1 7 9 43 , 3 4 5 19 20 MT N ' s S e r i e s C 6.3 7 % 06 - 1 9 - 2 0 2 8 06 - 1 9 - 1 9 9 8 25 , 0 0 0 , 0 0 0 15 6 . 3 0 4 18 8 . 6 4 9 24 , 6 5 3 , 0 4 7 6.4 7 5 % 25 , 0 0 0 . 0 0 0 1, 6 1 8 , 8 6 3 20 21 MT N ' s S e r i e s C 8.0 2 % 10 - 2 6 - 2 0 1 0 10 - 2 6 - 1 9 9 9 25 , 0 0 0 . 0 0 0 16 1 . 2 8 7 70 7 . 5 2 7 24 . 1 3 1 . 1 8 6 8.5 1 3 % 25 , 0 0 0 , 0 0 0 2,1 2 8 . 2 0 7 21 22 22 25 98 3 . 8 1 8 , 6 4 7 6.6 6 3 % 1, 0 3 5 . 8 0 0 , 0 0 0 69 , 0 1 5 , 8 3 4 25 26 26 27 Re p u r c h a s e 2 7. 7 4 % 12 - 3 1 . 2 0 1 7 06 - 3 0 - 2 0 0 6 6.8 7 5 . 0 0 0 48 3 , 5 8 2 6. 3 9 1 , 4 1 8 8.7 2 1 % 3 66 . 5 8 6 27 28 Re p u r c h a s e 2 8. 1 7 % 06 - 3 0 - 2 0 1 5 06 - 3 0 - 2 0 0 5 26 , 0 0 0 . 0 0 0 1.7 3 5 , 7 9 6 24 , 2 6 4 . 2 0 4 9.2 0 6 % 3 25 7 . 5 5 9 28 29 Re p u r c h a s e 2 8. 4 1 % 06 - 3 0 - 2 0 1 4 06 - 3 0 - 2 0 0 4 36 , 5 9 0 . 0 0 0 7, 3 5 6 . 6 8 0 29 , 2 3 1 , 3 2 0 11 . 9 0 3 % 3 1.2 9 7 . 2 0 5 29 30 Re p u r c h a s e 2 8. 6 8 % 09 - 3 0 - 2 0 1 2 06 - 3 0 - 2 0 0 3 52 , 4 8 5 , 0 0 0 2. 8 1 9 , 8 6 0 49 . 6 6 5 , 1 4 0 9.5 6 4 % 3 48 1 . 1 7 9 30 31 Re p u r c h a s e 2 8. 7 6 % 09 - 3 - 2 0 1 0 06 - 3 0 . 2 0 0 2 20 3 . 5 9 0 . 0 0 0 9, 9 5 8 . 7 8 2 19 3 . 6 3 1 . 2 1 8 9. 6 2 8 % 3 1, 8 4 1 , 4 8 0 31 32 3. 9 4 4 , 0 0 9 32 33 33 34 4 V a r . R a t e L o n g - T e r m D e b t 40 . 0 0 0 , 0 0 0 1.2 9 6 , 0 8 6 -2 . 5 0 0 , 0 0 0 40 . 0 0 0 , 0 0 0 4. 6 6 6 % 40 . 0 0 0 , 0 0 0 1. 8 6 6 . 3 6 4 34 35 35 36 TO T A L D E B T O U T S T A N D I N G A N D C O S T O F D E B T A T D e c e m b e r 3 1 , 2 0 0 8 1. 0 2 3 , 8 1 8 , 6 4 7 6. 9 5 5 % 1.0 7 5 , 8 0 0 , 0 0 0 74 , 8 2 6 , 2 0 7 36 1 I n c l u d e s t h e a n n u a l i n s u r a n c e p r e m i u m 2 T h e c o u p o n r a t e u s e d i s t h e c o s t o f d e b t a t t h e t i m e o f t h e r e p u r c h a s e s 3 T h e a m o u n t s a r e c a l c u l a t e d u s i n g t h e I R R f u n c t i o n 4 I n f o r m a t i o n p u l l s f r o m t h e - V a r . R a t e L o n g - T e r m t a b St a f C P R _ 2 2 4 - A t t a c h m e n t B . x l s Pa g e 2 o f 3 . . . AV I S T A C O R P O R A T I O N Pr o f o r m a C o s t o f L o n g . T e r m ' J c : r i a b l e R a t e De c e m b e r : ~ 1 , ¿ O D S 1 De c . 0 7 Ja n . Q S Fe b - O S Ma r - O S Ap r . Q S Ma y . S Ju n . O S Ju l . 0 8 Au g - O S Se p . O S Oc t - O S No v - O S De c O S Av g o f 2 (a ) (b ) ( c ) (d ) (e ) (I ) (g ) (h ) (I) 0) (k ) (I ) (m ) (n ) (0 ) 3 Tr u s t P r e e r r d $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 40 . 0 0 0 . 0 0 0 4 To t a l S h o r t T e r r D e b t $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 , 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 . 0 0 0 . 0 0 0 $4 0 , 0 0 0 . 0 0 0 $4 0 . 0 0 0 , 0 0 0 $4 0 . 0 0 0 . 0 0 0 5 6 Nu m b e r o f D a y s i n M o n t h 31 29 31 30 31 30 31 31 30 31 30 31 36 6 7 Ac t u a l R a t e s 6. 4 6 % 6, 4 6 % 6,0 0 % 6.0 0 % 6,0 0 % 3.5 6 % 3.5 6 % 3.5 6 % 3. S S % 3. S S % 3.S S % 3. S S % S Tru s t P r e f e r r e d I n t e r e t E x p e n s e 22 2 . 3 3 9 20 7 , 9 9 4 20 8 . 6 2 5 19 9 . 9 6 0 20 6 . 6 2 5 11 S , 5 6 3 12 2 . 5 1 5 12 2 . 5 1 5 12 9 , 3 3 3 13 3 , 6 4 4 12 9 . 3 3 3 13 3 , 6 4 4 1, 9 3 3 , 0 9 2 9 To t l In t e r s t E x p e n s e 22 2 , 3 3 9 20 7 , 9 9 4 20 6 . 6 2 5 19 9 . 9 6 0 20 6 . 6 2 5 II S , 5 6 3 12 2 . 5 1 5 12 2 , 5 1 5 12 9 , 3 3 3 13 3 . 6 4 4 12 9 . 3 3 3 13 3 , 6 4 4 1. 9 3 3 . 0 9 2 10 Fo r e c a s t e d M o n t h l y B o r i n g R a t e 6. 4 6 % 6. 4 6 % 6. 0 0 % 6.0 0 % 6.0 0 % 3.5 6 % 3.5 6 % 3.5 6 % 3. S S % 3. S S % 3. S S % 3. S S % 11 Av e r a g e b o r i n g r a t e u s e d i n t h e c a l u c l a t i o n o f t h e e f e c i v e c o s t s b e l o w 4. S 3 % 12 13 14 15 16 Pn n c i p a l 17 Co u p o n Ma t u r i t y Se t l e m e n t Pr i n c i p a l Is s u a n c Lo s s J c q Ne t Yie l d t o Ou t n d i n g Eff e c t i v e is De s c r i p t i o n Ra t e Da t e Oá t e Am o u n t Co s t s Ex p e n s e s Pr o e e s Ma t u r i t y 12 - 3 1 - 2 O O S Co s t 19 (a ) (b ) ( c ) (d ) (e ) (I ) (g ) (h ) (i) ül (k ) 20 Tr u s t P r e f e r r d 4. S 3 % 06 - 0 1 . 2 0 3 7 06 - 0 3 - 1 9 9 7 40 . 0 0 0 . 0 0 0 1.2 9 6 . 0 S 6 .2 . 5 0 0 . 0 0 0 41 . 2 0 3 . 9 1 4 4.6 6 6 % 40 . 0 0 0 . 0 0 0 I, S 6 6 . 3 6 4 21 22 St a f C P R _ 2 2 4 - A t t c h m e n t B . x l s Pa g e 3 o f 3