20180621Report of Securites Transaction.pdf

REC E IVED
20tB JUll 2l Pt{ lr 09
lii,':,lir -UBl-lC
-ti i L'r';' i :- li i ou nt t ssl 0N
June ?1,2018
Diane l{anian
Idaho Public tjtilities Commission
472W. Washington Sreet
Boise, ID 83702
Case No. AVU-U-17-01
We arc subnritting thc following infornation in compliance with tlre Commission's Order No. 339?8 under
Case No. AVt"r-U-I7-01 for thc sale of securities not to exceed $500.000,000. An informational noticc
rcgarding this issuancs was previously providcd to staffof the Commission,
On Ma1' 22,2018. Avista Corp. issued $375.0 million of 4.35 percent First Mortgage Bonds due in 2048
under a bond purchase sgresment and were registered under the Securities Act r:f I933. The new First
Mortgage Bonds wem issued under and in aeeordance rvith the Mortgage and Deed of TnrsL dated as of
June I, 1939. fmrn the Company to Citibank, N.A., tnrstee, as amended and supplemented by various
supplemental indentures and other instruments.
ln connection with pricing of the First Mortgage Bonds, whish took place prior to the issuance of these
bonds. wc cash settlei, seven interest rate swap contracts and paid B total of $26.2 million, rvhich will be
amortized as a conlponent ofinterest expense over the life ofthe debt.
The toral net proceeds from the salc of the new bonds rvere used to repny a portion ofthe borowings
outstanding uncler the fompany's $40S.CI million committed linr of credit and for genercl corporats
pu{r0ses,
Table l.
Item Dollar Amount Percent of Teitrl
Cross Prooeeds
Discount
ljnderwriters' Discount
Proceeds I'ayable to Applicanl
Interest Rate Swaps
Other Issuance/'l'echnical Sen'ices lixpenses
$37S,0m,000
{378,750)
100.0%
{0" l0)
{33813s0)
37t.340.000
(26344,507)
(800,0e0)
(0.88)
99.0
(7.0)
(0.3)
Net Procccdsl s3{{,295,{{t3 91.740h
I I I "lte tlompry is rxpwting o*litional fces pnmaril-v rdeted to ndditirmal lcasl cxp*nre* cuntntly unbillcd, r+hirh nna; rcdouc thc ('ompm;''r
ner pnxccdr.
Auached are the term sheet for this issuance and the 6 I $ supplemental indenture that was
executed in connection to this issuance.
Pagc I af?
^&vlsr:; U
I
Please cc,ntact Karric Wilson et [phone] if you hsve anv questions.
K. Corton
Director of F'inance and Assistant 'l"reasurer
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