Committed Lines of Credit

3 Months Ended

Mar. 31, 2022

NOTE 8. COMMITTED LINES OF CREDIT

Avista Corp.

Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million. The committed line of credit has an expiration date of 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 March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31,		December 31,
	2022		2021
Balance outstanding at end of period (1)	$	—	$	284,000
Letters of credit outstanding at end of period	$	29,288	$	34,000
Average interest rate at end of period		—		1.11	%

(1)

During March 2022, the Company issued $400.0 million in first mortgage bonds which were used to repay the outstanding balance of the committed line of credit. See Note 9 for further discussion of the bond issuance.

AEL&P

AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024. There were no borrowings or letters of credit outstanding under this agreement as of March 31, 2022 and December 31, 2021. 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.