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HomeMy WebLinkAbout20040206Malquist Exhibits.pdfDA VID J. :MEYER SENIOR VICE PRESIDENT AND GENERAL COUNSEL A VISTA CORPORATION O. BOX 3727 1411 EAST MISSION AVENUE SPOKANE, W ASIllNGTON 99220-3727 TELEPHONE: (509) 495-4316 FACSIMILE: (509) 495-4361 BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION IN THE MA TIER OF THE APPUCA nON OF A VISTA CORPORATION FOR THE AUTHORITY TO INCREASE ITS RATES AND CHARGES FOR ELECTRIC AND NATURAL GAS SERVICE TO ELECTRIC AND NATURAL GAS CUSTO:MERS IN THE STATE OF IDAHO CASE NO. A VU-04- CASE NO. A VU-Q4- EXHIBIT NO. MAL YN K. MALQUIST FOR A VISTA CORPORATION (ELECTRIC AND NATURAL GAS) La s t R e v i e w e d Cr e d i t O u t l o o k Bu s i n e s s P r o f i l e AA A AA + AA - BB B + BB B ta n d a r d & P o o r De c e m b e r 2 0 0 2 St a b l e BB B - Fi r s t M o r t g a g e B o n d s Se c u r e d M e d i u m - Te r m N o t e s IN V E S T M E N T G R A D E BB + Av i s t a C o r p . l C o r p o r a t e r a t i n g Un s e c u r e d M e d i u m - Te r m N o t e s Se n i o r C o r p o r a t e N o t e s 9 . 75 % BB - Pr e f e r r e d S t o c k Tr u s t - Or i g i n a t e d P r e f e r r e d S e c u r i t i e s ( T O P r S ) AV I S T A C O R P O R A T I O N Lo n g - te r m S e c u r i t i e s C r e d i t R a t i n g s Mo o d y ' s Oc t o b e r 2 0 0 1 Fi t c h Ne g a t i v e N/ A Aa a Aa 1 Aa 2 AA - Aa 3 Ba a 1 BB B + Ba a 2 BB B ba a 3 Fi r s t M o r t g a g e B o n d s Se c u r e d M e d i u m - Te r m N o t e s BB B - Ba 1 Ba 2 Av i s t a C o r p . l l s s u e r r a t i n g Un s e c u r e d M e d i u m - Te r m N o t e s Se n i o r C o r p o r a t e N o t e s 9 . 75 % Tr u s t - Or i g i n a t e d P r e f e r r e d S e c u r i t i e s ( T O P r S ) BB + Ba 3 Pr e f e r r e d S t o c k BB - De c e m b e r 2 0 0 1 St a b l e N/ A AA A AA + Fi r s t M o r t g a g e B o n d s Se c u r e d M e d i u m - Te r m N o t e s Un s e c u r e d M e d i u m - Te r m N o t e s Se n i o r C o r p o r a t e N o t e s 9 . 75 % Tr u s t - Or i g i n a t e d P r e f e r r e d S e c u r i t i e s ( T O P r S ) C a p I Pr e f e r r e d S t o c k Tr u s t - Or i g i n a t e d P r e f e r r e d S e c u r i t i e s ( T O P r S ) C a p I I Ex h i b i t N o . 1 o f 2 M. M a l q u l s t Av l s t a C o r p o r a t i o n VISTA CORPORATION Capital Structure and Overall Rate of Return PROFORMA Cost of Capital Percent of Amount Total Ca ital Cost Com onent Total Long Tenn Debt 832 735,414 48.19%70%19% Trust Preferred Securities 100,000,000 79%01%0.41 % Preferred Stock 29,750,000 1.72%34%13% Common Equity 765,520,415 44.30%11.50%09% TOTAL 728,005,829 100,00%82% EMBEDDED Cost of Capital as of Percent of December 31, 2003 Amount Total Ca ital Cost onent Total Long Tenn Debt 898,822,426 50.08%68%4.35% Trust Preferred Securities 100 000,000 57%15%34% Preferred Stock 31,500,000 1.76%35%13% Common Equity 764,290,875 42.59%11.50%90% TOTAL 794,613,301 100.00%72% Exhibit No.2 of2 M, Malquist A vista Corporation