AVISTA CORP (AVA): debt financing — Avista borrows $100M term loan & expands revolver $50M amid gas/power price spikes

AVISTA CORP

Entered $100M term loan credit agreement with U.S. Bank and MUFG, maturing March 30, 2023; borrowed full amount.
Amended KeyBank revolver to increase by $50M to $100M total, maturing November 28, 2023; no borrowings as of Dec 19.
Cites natural gas and power prices 5-8 times normal, driving liquidity needs for commodity purchases and margin calls.
Both facilities unsecured with variable rates based on SOFR or Alternate Base Rate; includes covenant debt-to-cap ratio ≤ 65%.
Proceeds used for short-term liquidity obligations and general corporate purposes amid expected winter volatility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVISTA CORP amended revolving credit of $50 million with Keybank National Association at variable annual interest rate determined by either the Secured Overnight Financi maturing November 28, 2023.

Instrument: revolving credit
Principal: $50 million
Counterparty: Keybank National Association
Rate: variable annual interest rate determined by either the Secured Overnight Financi
Maturity: November 28, 2023
Event: amendment

Exact text from the filing

Additionally, on December 15, 2022, the Company entered into the First Amendment of the Credit Agreement dated November 29, 2022 with Keybank National Association, as Lender and Administrative Agent. The amendment increases the existing unsecured revolving credit facility by $50 million, bringing the new total aggregate amount to $100 million, with a maturity date of November 28, 2023.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AVISTA CORP incurred term loan of $100 million with U.S. Bank National Association and MUFG Bank Ltd. at variable annual interest rate determined by either the Secured Overnight Financi maturing March 30, 2023.

Instrument: term loan
Principal: $100 million
Counterparty: U.S. Bank National Association and MUFG Bank Ltd.
Rate: variable annual interest rate determined by either the Secured Overnight Financi
Maturity: March 30, 2023
Event: incurrence

Exact text from the filing

On December 14, 2022, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and MUFG Bank Ltd. as Lender in an aggregate amount of $100 million with a maturity date of March 30, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVISTA CORP entered into Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and MUFG Bank Ltd. as Lender valued at $100 million (effective 2022-12-14).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association, as Lender and Administrative Agent, and MUFG Bank Ltd. as Lender
Value: $100 million
Effective: 2022-12-14

Exact text from the filing

On December 14, 2022, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and MUFG Bank Ltd. as Lender in an aggregate amount of $100 million

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVISTA CORP amended First Amendment of the Credit Agreement dated November 29, 2022 with Keybank National Association, as Lender and Administrative Agent valued at $50 million (effective 2022-12-15).

Action: amendment
Agreement: credit facility
Counterparty: Keybank National Association, as Lender and Administrative Agent
Value: $50 million
Effective: 2022-12-15

Exact text from the filing

on December 15, 2022, the Company entered into the First Amendment of the Credit Agreement dated November 29, 2022 with Keybank National Association, as Lender and Administrative Agent. The amendment increases the existing unsecured revolving credit facility by $50 million

View on SEC.gov

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AVISTA CORP filing history →

Source: SEC EDGAR

accession 0000950170-22-026781

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