AVISTA CORP (AVA): debt financing — Avista secures $100M in additional liquidity amid elevated energy prices

AVISTA CORP

Entered $50M uncommitted letter of credit agreement with MUFG Bank on Dec 29; $28.5M outstanding as of Jan 4.
Added $50M incremental term loan under existing credit facility with CoBank on Dec 30, total now $150M.
Borrowed entire $50M incremental loan; matures March 30, 2023, variable rate based on SOFR or base rate.
Actions driven by elevated natural gas/power prices and margin calls; expects conditions to persist through winter.
Covenants include total debt-to-capitalization ratio not exceeding 65% and customary events of default.

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 incurred credit facility of $50 million with U.S. Bank National Association, as Administrative Agent, and CoBank, as Incremental Lender at variable annual interest rate determined by either the Secured Overnight Financi maturing March 30, 2023.

Instrument: credit facility
Principal: $50 million
Counterparty: U.S. Bank National Association, as Administrative Agent, and CoBank, as Incremental Lender
Rate: variable annual interest rate determined by either the Secured Overnight Financi
Maturity: March 30, 2023
Event: incurrence

Exact text from the filing

Additionally, on December 30, 2022, the Company entered into an Incremental Commitment and Lender Joinder Agreement with U.S. Bank National Association, as Administrative Agent, and CoBank, as Incremental Lender in an incremental amount of $50 million.

View on SEC.gov

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

AVISTA CORP incurred credit facility of $50 million with MUFG Bank Ltd..

Instrument: credit facility
Principal: $50 million
Counterparty: MUFG Bank Ltd.
Event: incurrence

Exact text from the filing

On December 29, 2022, the Company entered into an uncommitted and unsecured Continuing Letter of Credit Agreement with MUFG Bank Ltd., as Issuer, in the aggregate amount of $50 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AVISTA CORP entered into Incremental Commitment and Lender Joinder Agreement with U.S. Bank National Association and CoBank valued at $50 million incremental borrowing (effective 2022-12-30).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association and CoBank
Value: $50 million incremental borrowing
Effective: 2022-12-30

Exact text from the filing

On December 30, 2022, the Company entered into an Incremental Commitment and Lender Joinder Agreement with U.S. Bank National Association, as Administrative Agent, and CoBank, as Incremental Lender in an incremental amount of $50 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AVISTA CORP entered into Continuing Letter of Credit Agreement with MUFG Bank Ltd. valued at $50 million (effective 2022-12-29).

Action: entry
Agreement: credit facility
Counterparty: MUFG Bank Ltd.
Value: $50 million
Effective: 2022-12-29

Exact text from the filing

On December 29, 2022, the Company entered into an uncommitted and unsecured Continuing Letter of Credit Agreement with MUFG Bank Ltd., as Issuer, in the aggregate amount of $50 million.

View on SEC.gov

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AVISTA CORP filing history →

Source: SEC EDGAR

accession 0000950170-23-000157

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