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
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
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:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
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. ☐
Item 8.01 Other Events.
On April 1, 2024, Avista Corporation (Avista Corp. or the Company) closed on the remarketing of $66.7 million and $17.0 million of the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds due in 2032 and 2034, respectively. These bonds are secured by equal principal amounts of non-transferable first mortgage bonds of the Company. The term interest rate on both series of bonds is 3.875 percent. Avista Corp. purchased the bonds upon original issuance in December 2010, with the intention to hold the bonds until market conditions were favorable for remarketing the bonds to unaffiliated investors. While the Company was the holder of these bonds, the bonds were not reflected as an asset or a liability on the Consolidated Balance Sheets. With the remarketing of these bonds, the Company will recognize long term debt of $83.7 million.
In connection with the pricing of the remarketed bonds in March 2024, the Company cash settled two interest rate swap derivatives (notional aggregate amount of $20 million) and received a net amount of $4.4 million, which will be amortized as a component of interest expense over the life of the debt.
The net proceeds from the remarketing of these bonds were used to refinance existing short term debt obligations.
The bonds are "exempted securities" under the Securities Act of 1933, requiring no registration under that Act.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) |
Exhibits |
||
|
Previously filed (1) |
|
|
|
With Registration Number |
As Exhibit |
|
(with Form 8-K dated as of December 15, 2010) |
4.1 |
||
(with Form 8-K dated as of December 15, 2010) |
4.2 |
||
(with Form 8-K dated as of December 15, 2010) |
4.3 |
||
(with Form 8-K dated as of December 15, 2010) |
4.4 |
||
(with Form 8-K dated as of December 15, 2010) |
4.5 |
Forty-Eighth Supplemental Indenture, dated as of December 1, 2010. |
|
104 |
|
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
(1) Incorporated herein by reference
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 thereunto duly authorized.
|
|
|
AVISTA CORPORATION |
|
|
|
|
Date: |
April 3, 2024 |
By: |
/s/ Kevin J. Christie |
|
|
|
Kevin J. Christie |