20160412Annual Report of Securities Transaction.pdf

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Avt(-1,,t- ls-o IApril 12,20I6
State of Idaho
Idaho Public Utilities Commission
Statehouse
Boise ID 83720
Aftention: Jean D. Jewell, Secretary
RE: Filing requirements under Order No. 32381 and Order No. 33401
Enclosed herewith please find a copy of the Annual Rryort of Securities Transactions for
calendar year2015 as filed with the Washington Utilities Transportation Commission.
Please contact Laurea Pendergraft at (509) 4954998 if you have any queslions.
Sincerely,
/).;*ila,,*
Richard N. $tevens
Direetor of Finance
Enclosure initial
2OI5 ANNUAL REPORT OF SECURITIES TRANSACTIONS
TO TTIE
WASHTNGTON UTILITIES AND TRANSPORTATION COMMIS S tON
This report sets forth the information required by WAC 480-90/100-262 for the securities
transactions of Avista Corporation ('Avista" or "Company") during calendar year 2015.
SECI,JRITIES ISSUED:
Issuance of Short-Term llebt
The following table is a summary of borrowings under the Company's $400 million credit
facility for the 12 months ended l23ln0$. The proceeds were used for daily working
capital purposes, general coqporate purposes, and other purposes 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:
\ileighted averiage
borowingp
outstanding
\ileighted
average rate
Period Interest Facility
Fees
$400mm Credit
Facility
$ 95,5721603 .98Yo $95I,071 $400,000
Issuance of Long-Term Debt
In December 2015, the Company issued $100.0 million of 4.37 percent 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 short term bonnwings, general corporate purposes, and other puposes allowed
by RCW 80.08.030.
Level ofExoenses
Gross Proceeds $100,000,000 100.0%
Arrangement Fees (355,640) (0.4)
Proceeds Payable to Applicant 99,644364 99.6
Interest Rete Swaps (9,326,000) (9.3)
Other Issuance/Technical Services (289,524) (0.3)
Net Proceeds $90,02E,836 90.$
Additional details and documentation related to the long-term debt issuance were previously
filed on December 23,2015.
Issuances of Common Stock
During2015, 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 shares awarded at S0.00 and other performance shares
approved underthe Company's LTIP.
Use of Proceeds
The total net proceeds of $1.6 million under the plans were used to pay down short term
borrowings, general corporate pu{poses, and other putposes allowed by RCW 80.08.030.
Level ofExBenses
The expenses paid in connection with the issuance of the Common Stock with regards to the
the 401(K) plan and the Long-Term incentive plans through December 31, 2015 were as
follows:
Additionalty, in 2015, the Company incurred $41,980.17 of legal costs associated with the
Periodic Offering Program (POP).
Schedule of smuritles retEed. refunded. reourchased. or othcrise removed
A stock repurchase program, of up to 800,000 shares, of ttre Company's outstanding cornmon
stock, commenced on January 2,2015, and continued through March 31, 2015 (frst quarter
2015 program). From January 2,2015 through March 3 1, 201 5, ttre Company repurchased
89,400 shares urder 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.
The Compuy had qo debt matuities in 2015.
$cletlqk of ooeu4tle rshrdulof, to mr&re itr the S.hndlryeor of 208
the eompany has $90 million of debt maturities in August 2016.