Avista Corp. sold $375 million of its first mortgage bonds 4.35% series due June 1, 2048, according to a May 15 free writing prospectus.
Interest on the bonds is payable June 1 and Dec. 1 each year, starting Dec. 1.
The bonds have a spread to benchmark Treasury of 115 basis points. The offering was expected to be rated A2 by Moody's and A- by S&P Global Ratings.
Avista plans to use net proceeds to repay borrowings under a $400 million credit facility, to pay at maturity certain series of first mortgage bonds and secured medium-term notes, and to fund construction, facility improvement and maintenance programs and other general corporate purposes.
BNY Mellon Capital Markets LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities LLC acted as joint book-running managers. KeyBanc Capital Markets Inc., SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. were co-managers.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
