Avista Corp. has a committed line of credit in the total amount of $500.0 million. with expiration date of June 2028. The Company has the option to extend for two additional one year periods (subject to customary conditions). In June 2023, the then-existing agreement was amended to increase the capacity of the committed line of credit from $400.0 million to $500.0 million, extend the expiration date, and replace the London Interbank Offered Rate (LIBOR) provisions with Secured Overnight Financing Rate (SOFR) provisions. 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 December 31 (dollars in thousands):


	2023			2022
Balance outstanding at end of period	$	349,000		$	313,000
Letters of credit outstanding at end of period		4,700			35,563
Average interest rate at end of period		6.46	%		5.31	%

In December 2022, Avista Corp. entered into an additional revolving credit agreement in the amount of $100.0 million. As of December 31, 2022, the Company did not have any outstanding borrowings under this agreement. The agreement was terminated in June 2023.

As of December 31, 2023 and 2022, the borrowings outstanding under Avista Corp.'s committed lines of credit were classified as short-term borrowings on the Consolidated Balance Sheets.

In December 2022, the Company entered into a term loan agreement in the amount of $150.0 million with a maturity date of March 30, 2023. The Company borrowed the entire $150.0 million available under the agreement in 2022 and repaid the entire outstanding balance in March 2023. The borrowings outstanding under this agreement were classified as short-term borrowings on the Consolidated Balance Sheets.

In December 2022, the Company entered into a continuing letter of credit agreement in the aggregate amount of $50.0 million. Either party may terminate the agreement at any time.

The Company had $20.0 million and $18.5 million in letters of credit outstanding under this agreement as of December 31, 2023 and December 31, 2022, respectively. Letters of credit are not reflected on the Consolidated Balance Sheets. If a letter of credit were drawn upon by the holder, we would have an immediate obligation to reimburse the bank that issued that letter.

The short-term borrowing agreements contain customary covenants and default provisions, including a change in control (as defined in the agreements). The events of default under each of the credit facilities also include a cross default from other indebtedness (as defined) and in some cases other obligations. Most of the short-term borrowing agreement also include a covenant which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” of Avista Corp. to be greater than 65 percent at any time. As of December 31, 2023, the Company complied with this covenant.

AEL&P has a committed line of credit in the amount of $25.0 million that expires in June 2028. 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.

The committed line of credit agreement contains customary covenants and default provisions. The credit agreement has a covenant which does not permit the ratio of “consolidated total debt at AEL&P” to “consolidated total capitalization at AEL&P,” including the impact of the Snettisham bonds to be greater than 67.5 percent at any time. As of December 31, 2023, AEL&P complied with this covenant.

As of December 31, 2023, and 2022 there were no borrowings under the AEL&P committed line of credit.