Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million. In June 2021, the Company entered into an amendment to its committed line of credit that extends the expiration date to June 2026, with the option to extend for an additional one year period (subject to customary conditions). The committed line of credit is secured by non-transferable first mortgage bonds of the Company issued to the agent bank that would only become due and payable in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit.

Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2021 and December 31, 2020 (dollars in thousands):


	September 30,			December 31,
	2021			2020
Balance outstanding at end of period (1)	$	269,000		$	102,000
Letters of credit outstanding at end of period	$	25,618		$	27,618
Average interest rate at end of period		1.09	%		1.22	%

(1)

As of September 30, 2021 there was $269.0 million outstanding under the committed line of credit; however, $199.1 million was classified as short-term borrowings and the remaining $69.9 million was classified as long-term debt on the

Condensed Consolidated Balance Sheet due to the Company's intention to refinance such amount on a long-term basis. The amount classified as long-term debt will be refinanced through the issuance and sale of first mortgage bonds in December 2021 pursuant to a bond purchase agreement entered into in September 2021. See Note 10 for further discussion of the bond purchase agreement and the refinancing of short-term debt on a long-term basis. The entire outstanding amount of the committed line of credit as of December 31, 2020 was classified as short-term borrowings.

AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024. There were no borrowings as of September 30, 2021 and $1.0 million as of December 31, 2020, and there were no letters of credit outstanding under this committed line of credit as of September 30, 2021 and December 31, 2020. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit.

In April 2020, the Company entered into a one-year Credit Agreement with various financial institutions, in the amount of $100.0 million. The Company borrowed the entire $100.0 million in April 2020 and repaid the outstanding balance in April 2021.