UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM i 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT
OF 1934
i AVISTA CORPORATION
(Exact name of registrant as specified in its charter)
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i Washington | | i 91-0462470 |
(State
of other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
i 1411 East Mission Avenue i Spokane,
i Washington i 99202-2600
(Address of principal executive offices, including zip code)
Registrant's
telephone number, including area code: i 509- i 489-0500
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| i None | |
| (Former
name or former address, if changed since last report) | |
Securities registered pursuant to Section 12(b) of the Act: |
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Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered |
i Common
Stock | i AVA | i New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: i ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i ☐ Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
i ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i ☐ Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company i ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 1 – Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On
November 26, 2019, Avista Corporation (Avista Corp. or the Company) issued and sold $180.0 million of 3.43 percent first mortgage bonds due in 2049 pursuant to a bond purchase agreement with institutional investors in the private placement market. The new first mortgage bonds were issued under and in accordance with the Mortgage and Deed of Trust, dated as of June 1, 1939, from the Company to Citibank, N.A., trustee, as amended and supplemented by various supplemental indentures and other instruments.
In connection with the pricing of the first mortgage bonds in September
2019, the Company cash settled six interest rate swap derivatives (notional aggregate amount of $70.0 million) and paid a net amount of $13.3 million, which will be amortized as a component of interest expense over the life of the debt.
The total net proceeds from the sale of the new bonds will be used to repay a portion of the borrowings outstanding under the Company’s $400.0 million committed line of credit and repay maturing long-term debt of $90.0 million.
The bonds have not been, and will not be, registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from registration requirements.
Section 2 - Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
See description of Avista Corp.’s issuance of $180.0 million of 3.43 percent first mortgage bonds due in 2049 under Item 1.01.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
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(d) | Exhibits |
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104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. |
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| | AVISTA
CORPORATION |
| | (Registrant) |
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Date: | | |
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| | Executive Vice President, |
| | Chief Financial Officer, and Treasurer |
