20190515Compliance Filing.pdf

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RECE'VED
;:019 HAY lS At{ t0: 29
it-Jr\llO PUBLICrlLlTlEl-r COMM|SStON
May 15.2019
Mr. Mark L. Johnson
Executive Director & Secretary
Washington Uti I iti es and Transportati on Commission
1300 Evergreen Park Drive South
Olympia WA 98504-7254
Dear Mr. Johnson:
Enclosed herervith please find the Annual Report of Securities Transactione for calendar year
?018 for Avista Corporation pursuant to WAC 480-100-262 and WAC 48&90-26?.
Please contact Karrie Wilson at 509-495-?345 if you have any questions.
Sincerely,
('
Jason E. Lang
Director of Finance and Assistant Treasurer
Enclosure initial
l.
I
2OI 8 ANNUAL REPORT' OIT SfiCURITIES TRANSAC'TIONS
TO 11"{E
WASHTNCTON UTILITIES AND ]'RANSPORTATION COMMISSION
'l'his report sets fbr:th the irrlbrmation required by WAC 480-90/100-262 far the securities
transactions of Avista Corporation ("Avista" or '"Company") during calendar year 2018.
SECURITIES ISSUEDI
Issuancp of Short-Term Debt
On April 18, 2014, the Company amended the $400.0 million committed line of credit
agreement with various banks. The committed line of credit was originally entered into on
February 11. 201 I and amended on December 14" 201l. Amendments to the committed line
of eredit included an extension of the expiration date to April 18, 2019 from liebruary 10,
2CI17. The amendment also provided the Company the option to request an extension of the
committed line of credit for an additional one or two years beyond April I8, 2019.
On April 14, 3016. the Company requested that the expiration date be extended two years to
April 18. 2021. All lenders to the committed line of credit agreed to extend the expiration
date. -fhe committed line of credit will expire on April I8, ?021"
'l'he follolving table is a summary' of borrowings under the Company's $400 million credit
facility fbr 2018. l'he proceeds ra,ere used for daily *orking capital purpose$, general
corpuratc purposes. and other purposss allorved by RCW 80.08.040. There were direct fees
or expenses paid in connection with the issuance of shorl-temr debt during 2018, they were
as lollows:
Weighted sverage
borrowings
outsfanding
\ileighted
average rste
Interest Paid $'acility
Fees
2018 Short-term
borrowings
$58,226,869 2,890 $1,684,663 $370,4t7
Issuance of Long-Term Debt
In May 2018, the Company issued $375.0 million of 4.35 percent First Mortgage Bonds due
in 2048.
Use ot'Proceeds
'l'he total net proceeds, detailed in'Iable I below, llom the sale of the new bonds were used
to pay down shorl tenn borrowings. general corporate purposes, and other purposes allowed
hy RCW 80.08.030.
Lcvel ofExpenses
Additional details and documentation related to the long-term debt issuance were previously
liled on June 21,2018.
Issuances of Common Stock
Periodic Offering Progrrm (POP)
In Ntlarch 2016. we entered into fuur separate sales agency agreements und*r which the
Company's sales agents may offer and sell up to 3.8 million new shares of the Company's
common stock from time to time. The company did not issue shares under the POP in 2018
Long ferm Incentive Program (*LTIP") and Enrployce Stock Ownership Plan ("{01(K) Plan")
T'lrrough the L'llP and 401 (K) Plan from January 1 ,2018 thrrugh Decenrber 3 I , 2018 the
Cornpany awarded or issued shares. 'Ihe following is the detail.
Shares Price*Pr<lceilds*
191,290 $4.2r $804.588
* 'l-he price and proceeds include shares awarded at a $0.00 and other performance shares approved
under the Company's LTIP.
l'here were no filing or accounting lbes related to the L'I'll) in 2018
'fhe total net proceeds of$805k under the plan rvere used for general corporate purposes and
other purposes allowed by RCW 80.08.030.
ScLedule of securities retired. refunded. reourchased. or othenilise relnoved
had thc maturities
Cross Proceeds $375.000.000 t00.0%
Discount (378.7s0)(0.1)
Unclenvriters' Disccunt (3,281,250)(.e)
Proceeds Payable to Applicant 37 r "340,000 99.0
Interest Rate Swaps (26,244.547)(7.1)
Other [ssuance/Technical Sen'ices Expenses ( r,300,793)(0.3)
Nct Proceeds $343,794,700 91.7Y*
Dollnr Amount Percent erf
Totrtl
Maturity Date llrincipal Amount Coupon Rate Issued Date
5-l r-2018 $7,000,000 73V/o 5-l l-1993
6,r-:0t8 s250.000.000 5.959/o ,1-3-?008
6-il-20r8 $ 15,500,000 7.450/o 6-9-t993
Total Maturities 5272,500,000
During 2018 the
i
Schedule of securities scheduled to mature in the calendar year of 2019
'l'he Company has $90.0 million in maturities scheduled in 2019.