20171222Annual Report of Securities Transaction.pdf

December ?1.2017
Diane Ilolt
Itlaho Public Utilities Commission
472 W . Washington Strect
Boise, tD 83702
Casc No. AVU-U-l l-01 & AVU-U-15-01
Wc arc submitting the following int'nnnation in compliancc with thc Comnrission's Ordcr No. 33401 under
Ca.se No. AV[J-[,,-15-01 for the salc of securitiss not to exceed $300,000.000. An informational nolicc
regarding tlris issuance rvas previously prcvidcd to staffof the Commission.
On December 14. 2017. Avista Cr:rp. issued $90.0 million ol'3.91 percent l'irst Mortgage l]onds due in
2047 under a bonel purchase agreement with sertain institutional investors in the private placement
market. 'Ilre new l'irst Mortgage Bonds were issued under and in accordance with the Mortgage and Deed
of 'I'rust. dated as ofJune l. 1939. li:onr the Company to Citibank, N.A., trustee, as amended and
supplemenled by various supplentental indentures and other instrumenls.
ln connectirln nith pricing of the lrirst Mortgagc l]onds. which took plnce prior tc the issuance of these
bonds, rve c*sh settlsd seven intercst rete $wep contrsets nnd paid a total of $8,8 millinn, which will he
amortized as a cornponcrt of intercst expense over the life ol'the tlcbt.
The bonds have not been, and rvill not be, registered *ndertltc Securities Act of lg33 or any state
securities laws and may not be ofl'ered or sold in the [Jnited i:itates absent registration or an applicable
exemption from rcgistration requiremenls.
Thc tatal net proseeds llorn the salc of the new bands wcre uscd to rcpey B portion uf the borrowings
outstanding undcr th* Cornpany's $400.0 million comrnitted line of crcdit and for general eorporetc
purposcs.
T'sble l.
Item Dollur Amount llerccnt of 'fotal
0ross Proceeds
Arrangement Fees
Proeeed$ Payable to Applicant
lnterest Rate Swaps
Other lrsuanceJTcchnical Services
Experses
$90,000,000
(2s0,000)
100.09o
(0.3)
89,7$0,000
(8,81 1.,180)
(?94,58i[)
99.7
(q.8)
(0.3)
Nct Protccdsl 80,643,936 89.6%
I Thc Company is cxpccting ndditional fec* primarily relatcd to filing filcs end potentially odditionul lcgal cxpenscs
currently unbilled, which may reduce the Company's net proceeds,
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Attached ere the term sheet for this issuance and the 60'h supplemental indenture that lvas
executed in connection to this issuance.
Please contact Karrie Wilson at [phone] if you have any questions.
Patrice K. Corton
Director of Finance and Assistmt Treasurer
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