20081105final_order_no_30670.pdf

Office ofthe Secretary
Service Date
November 5, 2008
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 $350,000,000.
ORDER NO. 30670
CASE NO. A VU-08-
On October 8, 2008, Avista Corporation (Avista) filed a request that the Commission
amend Order No. 30509 issued on February 29, 2008. In that Order, the Commission approved
the Company s request for authorization to offer, issue, and sell up to $350 000 000 of secured
fixed rate bonds. Pursuant to the authority granted by Order No. 30509, Avista issued
$250 000 000 of First Mortgage Bonds for a 10-year term at 5.95% on April 3 , 2008.
The Company s requested amendments include an increase in debt authority to
$550 000 000 (from $350 000 000), a maximum coupon rate of 8.5% (from 7%), and terms of 5-
31 years (from 10-31 years). The ongoing need to meet capital expenditures and the current debt
markets prompted A vista to seek the requested amendments. All other terms and filing
requirements set forth in Order No. 30509 will be continuing and binding.
Staff reviewed A vista s request and recommended approval of the proposed
amendments. This authority would allow the Company to issue additional securities without
further approval from the Commission in order to provide the greatest level of flexibility and
opportunity when the market is favorable.
Idaho Code 9 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 provided good and sufficient reasons for amending Order
No. 30509 to (l) increase the authorized security issuance to a total of $550 000 000; (2) allow a
maximum coupon rate of 8.5%; and (3) allow terms of 5-31 years. Accordingly, the
Commission grants the request filed by Avista to amend Order No. 30509. All other terms and
conditions stated in Order No. 30509 remain in effect.
ORDER NO. 30670
ORDER
IT IS HEREBY ORDERED that Order No. 30509 is amended to (1) increase the
authorized security issuance to a total of $550 000 000; (2) allow a maximum coupon rate of
5%; and (3) allow terms of 5-31 years. All other terms and requirements set forth in Order No.
30509 are continuing and binding.
THIS IS A FINAL ORDER. Any person interested in this Order may petition for
reconsideration within twenty-one (21) days of the 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 9 61-626.
DONE by Order of the Idaho Public Utilities Commission at Boise, Idaho this 51J..
day of November 2008.
d8LL
MARSHA H. SMITH, COMMISSIONER
ATTEST:
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ftt_J ,D. Jewell
ission Secretary
O:A VU-08-01 ks2
ORDER NO. 30670