UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
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Indicate by check mark whether the registrant is an emerging growth company 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
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 2 - Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On June 8, 2023, Avista Corporation (Avista Corp. or the Company) amended its committed line of credit facility, increasing the aggregate amount available from $400 million to $500 million.
The amendment also extended the expiration date to June 8, 2028, and provides for two possible additional extensions of one year each. The amendment also replaced the London interbank offered rate (LIBOR) provisions with Secured Overnight Financing Rate (SOFR) provisions.
The Company's obligations under the committed line of credit agreement are secured by $500 million in principal amount of non-transferable first mortgage bonds of the Company, bearing interest at a nominal rate of 12 percent, issued to the agent bank. Principal and interest in these bonds would become due and payable only in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit.
The amendment to the committed line of credit facility did not change the covenants in the agreement, which include the covenant not to permit the ratio of “consolidated total debt” to “consolidated total capitalization” of Avista Corp. to be greater than 65 percent at any time, or the events of default, which include a change in control (as defined in the agreement) and a cross-default from other indebtedness, all of which are customary.
On June 8, 2023, the Company also terminated the $100 million line of credit that was originally to expire on November 30, 2023.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
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Exhibits |
Sixty-eighth Supplemental Indenture, dated as of June 1, 2023. |
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Bond Delivery Agreement, dated as of June 8, 2023, between Avista Corporation and Union Bank, N.A. |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 hereunto duly authorized.
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Avista Corporation |
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(Registrant) |
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Date: |
June 12, 2023 |
By: |
/s/ Kevin J. Christie |
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Senior Vice President, Chief Financial Officer, |