20051129final_order_no_29922.pdf

Office of the Secretary
Service Date
November 29, 2005
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION
OF A VISTA CORPORATION FOR AN
ORDER AUTHORIZING THE OFFERING,
ISSUANCE AND SALE OF SECURITIES
NOT TO EXCEED $100,000,000
ORDER NO. 29922
CASE NO. A VU-05-
On November 21 , 2005 , Avista Corporation (Avista) filed a request that the
Commission amend Order No. 29896 issued in Case No. A VU-05-1 on October 20, 2005.
The Commission in that Order approved the Company s request for authorization to issue up to
$100 000 000 of secured or unsecured, fixed or floating rate bonds, notes or other form of
indebtedness. In its request to amend the previous Order, Avista stated that it completed the
issuance authorized under Order No. 29896 and "there was a lot of interest in the offering.
Accordingly, the Company requests the Commission amend Order No. 29896 to increase the
amount of authorized securities from $100 000 000 to $150 000 000.
Staff reviewed the request by A vista to amend Order No. 29896, and noted that the
initial offering was more than two times over subscribed within an hour of the official
announcement. Staff also noted that the additional request of $50 000 000 debt securities, like
the original $100 000 000 proposed debt issuance and redemptions, provides an opportunity for
A vista to reduce borrowing costs and to increase flexibility with future refinance options. Staff
recommended the Commission approve the Company s request to amend Order No. 29896 to
increase the authorized issuance amount by $50 000 000. All other terms of Order No. 29896
would remain the same.
Idaho Code ~ 61-624 authorizes the Commission at any time to rescind, alter or
amend any Order or decision made by it. Commission Rule of Procedure 326 states that the
Commission may amend a final Order when there are good and sufficient reasons for doing so.
The Commission finds that A vista has stated good and sufficient reasons for amending Order
No. 29896 to increase the authorized security issuance by $50 000 000. Accordingly, the
Commission grants the request filed by Avista for an amendment to Order No. 29896. The
Commission authorizes by this amendment an increase in the security issuance amount from
ORDER NO. 29922
$100 000 000 to $150 000 000. All other terms and conditions stated in Order No. 29896 remain
in effect.
ORDER
IT IS HEREBY ORDERED that Order No. 29896 is amended to increase the amount
of securities authorized by $50 000 000. Accordingly, the authorized amount is increased to
$150 000 000 from the original $100 000 000 as provided in Order No. 29896.
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within twenty-one (21) days ofthe service date of this Order. Within seven (7)
days after any person has petitioned for reconsideration, any other person may cross-petition for
reconsideration. See Idaho Code ~ 61-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this :J.. 9fi"
day of November 2005.
dtL
, PRESIDENT
ATTEST:
~CJ.
D. Jewell
Commission Secretary
bls/0:A VU-05-0 1- ws2
ORDER NO. 29922