20190610McKenzie Exhibit 3 Schedule 12.pdf

o FLOTATION COST STUDY
ELECTRIC & GAS UTILITIES
No. Slm Company
ALLETE
Alliant Encrgy
Amcrcn Corp.
Amcrican Elec Pwr
AVANGRID, lnc.
Avista Corp.
Black Hills Corp.
CcntcrPoint Encrgy
CMS Encrgy Corp.
Consolidatcd Edison
Dominion Encrgy (a)
DTE Encrgy Co.
Duke Encrgy Corp. (a)
Edison Intcmational
El Paso Electric Co.
Entcrgy Corp.
Evcrgy lnc.
Evcrsourcc Energy
Exclon Corp.
FirstEnergy Corp.
Fonis Inc.
Hawaiian Elcc.
IDACORP, lnc.
MGE Encrgy
NcxtEm Encrgy, Inc. (a)
NonhWestem Corp. (a)
OCE Energy Corp.
Ottcr Tail Cor?.
PG&E Corp. (a)
Pinnaclc Wcst Capital
PNM Resourccs
Portland Gcncral Elcc.
PPL Corp.
Pub Sv Enterprisc Grp.
Sempra Energy
Southcm Company (a)
Vcctrcn Corp.
WEC Encrgy Group
Xccl Encrgy Inc. (a)
Average (Electric)
Schedule l2
Page I of I
(r) (2) (3) (4) (5) (6) (7)
Undemriting Total
Shares Offering Discount Underuriting Offering FlotationDate Issued Pric€ (per share) Discount Expense Costs
2t27t2014 3,220,000 s49.75 St.74t2s 55,606,825 5450,000 56,056,825
12fi4/2018 7,268,6'73 S44.85 50.52000 53,7'19,710 S1,000,000 54,779,7t0
9/10t2009 21,850,000 s25.25 s0.75750 s16,551,375 5450,000 S17,001,3?5
4/2/2009 69,000,000 s24.s0 s0.73500 s50,715,000 s400,000 s5l,l 15,000
N/A
t2/13/2006 3,162,500 S25.05 50.48000 Sr,s18,000 s300,000 sr,8r8,000
t1/19/201s 6,325,000 s40.2s s1.4087s s8,910,344 sr,200,000 sl0,r r0,344
9/27/20t8 60,550,459 527 .25 50.75000 54s,412,844 S 1,000,000 546,412,844
3/31200s 23,000,000 s12.25 s0.42880 s9,862,400 s325,000 s10,r87,400
l l/15/2018 13,636,363 S77.00 S1.46300 519,949,999 5640,000 520,589,999
3/29t20t8 20,000,000 s67.33 s1.89420 s37,884,000 5450,000 s38,334,000
6/20/2002 6,325,000 S43.25 S1.40560 58,890,420 5250,000 59,r40,420
3/8/2018 18,500,000 s74.07 S1.78800 S33,078,000 5450,000 S33,528,000
N/A
N/A
6t8t2018 11,289,037 S7s.25 50.80000 S10,63r,230 5650,000 Sr r,281,230
N/A
3t17 t2009 r 8,975,000 520.20 S0.6s650 S r 2,457,088 5350,000 S l 2,807,088
6/13t2014 s7,s00,000 s3s.00 s1.05000 s60,375,000 s600,000 s60,975,000
9/1512003 32,200,000 s30.00 s0.97500 s3 1,395,000 s423,000 s3 l,8 I 8,000
N/A
3t20t2013 7,000,000 s26.7s sr.00312 s7,02r,840 s4s0,000 s7,47r,840
t2/10/2004 4,025,000 s30.00 s1.20000 s4,830,000 s300,000 s5,r 30,000
9n0/2004 1,26s,000 s3l.8s s1.03500 s1,309,275 s125,000 sl,434,2'75
t1t3t20t6 13,800,000 s124.00 sr.89000 s26,082,000 s750,000 s26,832,000
9/30t2015 1,100,000 s5l.8l s1.33000 s1,463,000 s1,000,000 s2,463,000
8t2212003 5,324,074 521.60 50.79000 54,206,018 5325,000 54,531,018
N/A
8n7t20t6 4,900,000 s63.15 s0.30000 s1,470,000 s175,000 sr,64s,000
4/9t20t0 6,900,000 $38.00 s1.33000 s9,177,000 s190,000 s9,367,000
t2t'1t2006 5,750,000 s30.79 s1.07800 s6,r98,s00 s2s0,000 s6,448,500
6^3t20t3 r2,765,000 529.50 S0.9s87s 512,238,4M 5600,000 Sr2,838,4,14
5n0/20t8 55,000,000 s27.00 s0.29430 s16,186,500 s1,000,000 s17,186,500
t0t2/2003 9,487,500 541.75 S1.25250 Sl 1,883,094 53s0,000 Sr2,233,094
l/st20t8 26,869,158 S107.00 $1.92600 551,749,998 S1,500,000 5s3,249,998
8A8/2016 32,500,000 549.30 S1.66000 S53,950,000 5557,000 554,507,000
2126t2007 5,290,000 s28.33 50.99000 Ss,237,100 S42s,000 Ss,662,r00
N/A
1v9/20t8 8,138,351 549.00 S0.50000 54,069,176 5650,000 S4,719,r76
7,008,087
960,488
(8)
Gross Proceeds
Before Flot.
Costs
(e)
Flotation
Cost
(%)
3.78t%
|.466yo
3.082%
3.024%
sl 60,1 95,000
s325,999,984
s55 1,7 l 2,500
sr,690,500,000
I
2
3
4
5
6
7
8
9
l0
II
t2
l3
t4
l5
l6
t7
l8
l9
20
2t
22
23
25
26
27
28
29
30
3l
32
33
34
35
36
37
38
39
ALE
LNT
AEE
AEP
AGR
BKH
CNP
CMS
ED
D
DTE
DUK
Etx
EE
ETR
EVRC
ES
EXC
MGEE
NEE
NWE
ocE
OTTR
PCG
PNW
PNM
POR
PPL
PEG
SRE
SO
VVC
WEC
XEL
sr.000,000,034 1.128%
s79,220,625
s254,s8 r ,2s0
s l ,6s0,000,008
s28 1,750,000
s l,049,999,9s l
s1,346,5 16,000
s273,556,250
s I,370,332,000
s383,295,000
s2,0 I 2,500,000
s966,000,000
sl 87,2s0,000
s120,750,000
s40,290,250
s l,7 l 1,200,000
s56,991,000
s I I 4,999,998
s309,435,000
s262,200,000
s l 77,042,500
s376,s67,500
s1,48s,000,000
s396, I 03,1 25
s2,874,999,906
s1,602,250,000
sr49,865,700
s650,000,069
s59,799,983
ss00,000,000
s55,28s,s60
s324,999,996
s234.0s0,000
s r 26,r 00,000
s276,862,500
2.295%
3.971%
2.813o/o
3.6t6'/"
I .9610/0
2.84'to/o
3.34t%
2.447%
3.341%
3.030%
3.294voFE
FTS
HE
IDA
o
3.9900/0
4.2480/0
3.5600/o
1.5680/o
4.322%
3.940%
0.532%
3.572%
3.642%
3.4090/0
I .l 57o/o
3.088%
1.852%
3.402%
3.778%
s198,779, 1 99 1 .1 83%
2.896yo
I ATO
2 CPK
3 NJR
4NI
5 NWN
6 oGS
7 SJI
8 SWX
9SR
10 UGI
Atmos Encrgy Corp.
Chcsapcakc Utilitics
Ncw Jersey Rcsourccs
NiSource Inc.
Northwst Nat. Holdco.
ONE Gas, Inc.
South Jerscy lndustrics
Southwest Gas
Spire lnc.
UGI Corporation
Average (Gas)
Average-Electric&Gas
I t/30/2018
9t23/2016
s92.7s
s62.26
s0.97690
s2.33000
s6,846,200
s2,231,93-1
N/A
s l 0,000,000
s2,074,600
N/A
s I I ,375,000
s7,899,1 l0
s4,2 I 8,760
st2,l 12,950
s I,000,000
s l 62.046
s57,950
s250,000
s700,000
s600,000
s325,000
s 1, t 49,550
s7,846,200
s2,399,983
s1 0,057,950
s2,324,600
s l 2,075,000
s8,499,1 l0
s4,543,760
s13,262,s00
1.207o/o
4.0130/o
2.0t2%
4.205o/o
5i3t2017
I t/r0/2016
N/A
s54.63
N/A
s2.05000
4/20/2018
ty28t20t8
5/9/2018
3/18t2004
s29.50
s75.50
s63.0s
s32. l 0
N/A
l,0 12,000
I 1,016,949
3,100,000
2,000,000
8,625,000
s l .032s0
s2.s48 l 0
s2. I 0938
s l .40440
3.715%
3.631o/o
3.6030/o
4.790%
3-3970/"
Column Notcs:
(l-4) SEC Fom 4248 for each company.
(5) Column (2) * Column (4)
(6) SEC Fom 4248 for each company.
(7) Column (5) + Column (6)
(8) Column (2) + Column (3)
(9) Column (7) / Column (8)
Note (a): Undemriting discount computed as the difference between thc cunent markct price and the pricc oflered to the issuing company by the undcNritertsxhibit NO. 3
Case No. AVU-E-'|9-M
A. McKenzie, Avista
Schedule 12, Page 1 ot 1
o
2.996yo