20160412Compliance Filing for 2015.pdf

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April 12,2016
State of Idaho
Idaho Publie Utilities Commission
Statehouse
Boise ID 83720
Attention: Jean D. Jewell, Secretary
RE: Filing requirements under Order No. 32381 and Order No. 33401
Enclosed herewith please find a copy of the Annual Report of Securities Transactions for
calendar year 2015 as fild with the Washington Utilities Transportatioa Commission.
Please contact Lauren Penderffi at [phone] if you have auy questions.
Sincerely,
/2;*t/.,(6,*
Richard N, Stevens
Director of Finance
Enclosure initial
2OI5 ANNUAL REPORT OT SECURITTES TRANSACTIONS
TO TTM
WASHINGTON UTILTTIES AND TRANSPORTATION COMMISSTON
This rcport sets forth the information required by WAC 480-90/100-262for the securities
transactions of Avista Corporation ('Avista" or "Company") during calendar year 2015,
SECURTTIE$ ISSUED:
Issuance of Short-Term Debt
The following table is a summary of bonowings under the Company's $400 million credit
facility for the 12 months ended 12/3112015. The proceeds were used for daily working
capital purposes! general corporate purposes, and otherpurposes allowed by RCW 80.08.040.
There were direct fees or expenses paid in connection with the issuance of short-term debt
during 20l5'they were as follows:
Weighted svemge
borrowinggs
outstending
W*ighted
average rate
Pcriod Interest Facility
Fees
$400mm Credit
Facility
$ 95,572,603 ,980h $951,071 $400,000
Issuance of Lons-Term Debt
ln Decernber 2015, the Company issued $100.0 million of 4.37 perc€nt First Mortgage Bonds
due in 2045.
Use of Proceeds
The total net proceeds, detailed in Table I below, from the sale of the new bonds were used
to pay down shofi term borrowings, general corporate purposes, and other purposes allowed
by RCW 80.08.030.
Level ofExpenses
Grtss Proceeds $100,000,000 100.0%
Arrangement Fees (355,640) (0.4)
Proceeds Payable to Applicant 99,6M,360 99.6
Interest Rate $waps (9,326,000) (9.3)
Other Issuance/fechnical Services (289,524) (0.3)
Net Proceeds $90,028,836 90.0
Additional details and documentation relatsd to the longterm debt issuance were previously
filed on December 23,2015.
Issuances of Common Stock
During 2015, the Company issued a total of 158,736 new shares of common stock under the
employee stock ownership and long-term incentive plans. The total proceeds from the
issuance of common stock in 2015 was $1.6* million (net of issuance costs).
*The price and proceeds include sharcs awarded at $0.00 and other performance shares
approved under the Company's LTIP.
Use of Proceeds
The total net proceeds of $1.6 million under the plans were used to pay down short term
borowings, general corporate pulposes, and otlrer purposes allowed by RCW 80.08.030.
Level ofExpenses
The expenses paid in connection with the issuance of the Common Stock with regards to the
the 401fi) plan and the Long-Term incentive plans through December 31, 2015 were as
follows:
Additionally, in 2015, the Company incurred $41,980.17 of legal costs associated with the
Periodic Offering Program (POP).
Schedule of securities retlrqd. refunded. reourchased. or otherwise removed
A stock repurchase progxam, of up to 800$00 shares, of the Company's outstanding common
stock, commenced on January 2,2015, and continued ttrough March 31, 2015 (first quarter
2015 program). From January 2,2A15 throrrgh Match 31,2015, the Cnmpany repurchased
89,400 shares under the first quarter 2015 program at a total cost of $2.9 million and an
average cost of $32.56 per share. All repurchased shares reverted to the status of authorized
but rmissued shares.
Accountantns Fee
The Company had no debt maturities in 2015.
Schedulejf gecuriticg schduled ts Eature h the calendaryeor of 2016
The Company has $90 million of deb,tmaturities in August 2016.