Avista Corp. Completes New $400 Million Line of Credit
SPOKANE, Wash., Feb. 14, 2011 /PRNewswire via COMTEX/ --
Avista Corp. (NYSE: AVA) today announced that it has entered into a $400 million four-year committed line of credit, replacing the $320 million and $75 million committed line of credit agreements that were scheduled to expire on April 5, 2011. The new line of credit expires on Feb. 11, 2015. The banks included in the new line of credit are Union Bank, N.A. as Administrative Agent and an Issuing Bank, Wells Fargo Bank National Association as Syndication Agent and an Issuing Bank, and The Bank of New York Mellon, Keybank National Association and U.S. Bank National Association as Co-Documentation Agents and other lenders.
"We are extremely pleased to be able to renew our credit facility for a four-year time period. It reinforces the financial health of the company and the strong relationship we have with our banking partners," said Mark Thies, Avista Corp. senior vice president and chief financial officer. "The renewed credit facility will provide continued financial flexibility needed as we fund significant investments in maintaining and enhancing our energy delivery systems to continue providing safe, reliable service to our customers.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 357,000 customers and natural gas to 316,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.
SOURCE Avista Corp.