Obligation Aevista Corp 5.95% ( US05379BAN73 ) en USD

Aevista Corp

100 % ⇌

Etas-Unis

US05379BAN73 ( en USD )

5.95% par an ( paiement semestriel )

01/06/2018 - Obligation échue

Prospectus brochure de l'obligation Avista Corp US05379BAN73 en USD 5.95%, échue

1 000 USD

250 000 000 USD

05379BAN7

NR

NR

Avista Corp est une société énergétique américaine qui fournit de l'électricité et du gaz naturel à des clients dans l'Idaho, l'Oregon, le Washington et la Colombie-Britannique.

L'obligation d'Avista Corp., identifiée par le code ISIN US05379BAN73 et le code CUSIP 05379BAN7, représente une émission de dette émise par Avista Corp., une société de services publics américaine opérant principalement dans la distribution d'électricité et de gaz naturel aux États-Unis, notamment dans les États de Washington, de l'Idaho et de l'Oregon. Cette obligation, libellée en dollars américains (USD), offrait un taux d'intérêt fixe de 5,95 % et avait une date de maturité fixée au 1er juin 2018. Le montant total de cette émission s'élevait à 250 000 000 USD, et elle était accessible aux investisseurs avec une taille minimale d'achat de 1 000 USD, étant cotée à 100 % de son pair sur le marché. Les paiements d'intérêts étaient effectués à une fréquence semi-annuelle (deux fois par an). Il est important de souligner que cette obligation a atteint sa date d'échéance et a été intégralement remboursée à ses détenteurs. Concernant les évaluations de crédit, cette émission n'avait pas été notée par les principales agences, recevant une désignation "NR" (Not Rated) tant de Standard & Poor's (S&P) que de Moody's, signifiant qu'aucune évaluation officielle de sa solvabilité n'avait été rendue publique par ces entités.

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424B2 1 v39162b2e424b2.htm PROSPECTUS SUPPLEMENT
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Filed pursuant to Rule 424(b)(2). Registration No. 333-139239. A filing fee of $9,825 calculated in
accordance with Rule 457(r), has been transmitted to the SEC in connection with the securities
offered by means of this prospectus supplement and the accompanying prospectus from the
registration statement filed December 11, 2006. This paragraph shall be deemed to update the
"Calculation of Registration Fee" table in the registration statement referred to above.

$250,000,000

Avista Corporation

First Mortgage Bonds, 5.95% Series due 2018

Our First Mortgage Bonds, 5.95% Series due 2018 (the "Offered Bonds"), constitute a series of our
Bonds described in the accompanying prospectus.
We will pay interest on the Offered Bonds on June 1 and December 1 of each year. The first such
payment will be made on December 1, 2008. The Offered Bonds will mature on June 1, 2018,
unless redeemed on an earlier date. The Offered Bonds are redeemable at our option, in whole at
any time or in part from time to time, at a "make-whole" price as described herein. See "Description
of the Offered Bonds".
The Offered Bonds will be secured equally with all other bonds outstanding under our Mortgage (as
defined in the accompanying prospectus).
See "Risk Factors" on page S-3 of this prospectus supplement and on page 3 of the accompanying
prospectus to read about certain factors you should consider before buying the Offered Bonds.

Neither the Securities and Exchange Commission nor any other regulatory body has
approved or disapproved of these securities or passed upon the accuracy or adequacy of
this prospectus supplement or the accompanying prospectus. Any representation to the
contrary is a criminal offense.

Per Bond

Total

Initial public offering price

99.666%
$ 249,165,000
Underwriting discount

0.650%
$ 1,625,000
Proceeds, before expenses, to Avista

99.016%
$ 247,540,000
The initial public offering price set forth above does not include accrued interest, if any. Interest on
the Offered Bonds will accrue from April 3, 2008 and must be paid by the purchasers if the Offered
Bonds are delivered after April 3, 2008.

The underwriters expect to deliver the Offered Bonds to the purchasers through the facilities of The
Depository Trust Company against payment in New York, New York on April 3, 2008.

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Joint Book-Running Managers
UBS Investment Bank BNY Capital Markets, Inc. Goldman, Sachs & Co.

Senior Co-Managers
Banc of America Securities LLC
KeyBanc Capital Markets

Co-Managers
Wedbush Morgan Securities Inc.
Wells Fargo Securities

Prospectus Supplement dated March 27, 2008
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This prospectus supplement and the accompanying prospectus incorporate by reference important
business and financial information about Avista Corporation that is not included in or delivered with
the prospectus. This information is available to you as set forth in the accompanying prospectus
under "Where You Can Find More Information".

TABLE OF CONTENTS

Prospectus Supplement

Risk Factors
S-3
Safe Harbor for Forward-Looking Statements
S-3
The Company
S-5
Use of Proceeds
S-7
Summary Financial Information
S-7
Capitalization
S-8
Description of the Offered Bonds
S-9
S-
Underwriting
13
S-
Legal Matters
14
S-
Experts
14

Prospectus

About this Prospectus
2
Risk Factors
3
Avista Corporation
3
Use of Proceeds
4
Description of the Bonds
4
Description of the Notes
12
Description of Preferred Stock
21
Description of Common Stock
23
Where You Can Find More Information
33
Legal Matters
34
Experts
34
We have not authorized anyone to give you any information other than this prospectus supplement
and the accompanying prospectus. You should assume that the information contained or
incorporated in this prospectus supplement and the accompanying prospectus is accurate only as
of their respective dates. We are not offering to sell the Offered Bonds and we are not soliciting
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offers to buy the Offered Bonds in any jurisdiction in which offers are not permitted.
S-2
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RISK FACTORS
General
Investing in the Offered Bonds involves risk. You should review all the information contained or
incorporated by reference in this prospectus supplement and the accompanying prospectus before
deciding to invest. See "Where You Can Find More Information" in the accompanying prospectus. In
particular, you should carefully consider the risks and uncertainties discussed in Avista's Annual
Report on Form 10-K, incorporated herein by reference, in Item 1A "Risk Factors" and under
"Forward-Looking Statements" in Item 7 "Management's Discussion and Analysis of Financial
Condition and Results of Operations".
In addition to the risks and uncertainties referred to above, there are certain risks associated with
the Offered Bonds as described below.
We cannot assure you that an active trading market for the Offered Bonds will develop.
We do not intend to apply for listing of the Offered Bonds on any securities exchange or automated
quotation system. There can be no assurance as to the liquidity of any market that may develop for
the Offered Bonds, the ability of the bondholders to sell their Offered Bonds or the price at which the
bondholders will be able to sell the Offered Bonds. Future trading prices of the Offered Bonds will
depend on many factors including, among other things, prevailing interest rates, our operating
results and the market for similar securities.
The underwriters have informed us that they intend to make a market in the Offered Bonds.
However, the underwriters are not obligated to do so, and any such market making activity may be
terminated at any time without notice. If a market for the Offered Bonds does not develop,
purchasers may be unable to resell the Offered Bonds for an extended period of time.
Consequently, a bondholder may not be able to liquidate its investment readily, and the Offered
Bonds may not be readily accepted as collateral for loans. In addition, such market making activity
will be subject to restrictions of the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
From time to time, we make forward-looking statements such as statements regarding projected or
future financial performance, capital expenditures, dividends, capital structure, other financial items,
strategic goals and objectives, and plans for operations. These statements have underlying
assumptions (many of which are based, in turn, upon further assumptions). Such statements are
made both in our reports filed under the Securities Exchange Act of 1934, as amended, and
elsewhere. Forward-looking statements are all statements except those of historical fact, including,
without limitation, those that are identified by the use of words such as, but not limited to, "will,"
"may," "could," "should," "intends," "plans," "seeks," "anticipates," "estimates," "expects," "projects,"
"predicts," and similar expressions.

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Forward-looking statements are subject to a variety of risks and uncertainties and other factors.
Most of these factors are beyond our control and many of them could have a significant effect on
our operations, results of operations, financial condition or cash flows. This could cause actual
results to differ materially from those anticipated in our statements. Such risks, uncertainties and
other factors include, among others, those listed in "Management's Discussion and Analysis of
Financial Condition and Results of Operations" under "Forward-Looking Statements" in our annual
and quarterly reports incorporated herein by reference, as well as those discussed in "Risk Factors"
in such reports incorporated herein by reference.
Our expectations, beliefs and projections are expressed in good faith. We believe they are
reasonable based on, without limitation, an examination of historical operating trends, data
contained in our records and other data available from third parties. However, there can be no
assurance that our
S-3
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expectations, beliefs or projections will be achieved or accomplished. Furthermore, any forward-
looking statement speaks only as of the date on which such statement is made. We undertake no
obligation to update any forward-looking statement or statements to reflect events or circumstances
that occur after the date on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it is not possible for us to predict
all of such factors, nor can we assess the effect of each such factor on our business or the extent to
which any such factor, or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statement.
S-4
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THE COMPANY
General
Avista Corporation, which was incorporated in the Territory of Washington in 1889 (sometimes
called "Avista" or the "Company"), is an energy company engaged in the generation, transmission
and distribution of energy and, through its subsidiaries, in other energy-related businesses. Our
corporate headquarters are in Spokane, Washington, the hub of the Inland Northwest geographic
region. Agriculture, mining and lumber were the primary industries in the Inland Northwest for many
years; today health care, education, finance, electronic and other manufacturing, tourism and
service sectors are growing in importance.
Through 2007, we had three reportable business segments, as follows:

· Avista Utilities - an operating division of Avista Corporation comprising our regulated utility
operations that started in 1889. Avista Utilities generates, transmits and distributes electricity
and distributes natural gas. It also engages in wholesale purchases and sales of electricity
and natural gas.

· Energy Marketing and Resource Management - electricity and natural gas marketing,
trading and resource management. The activities of this business segment were conducted
primarily by Avista Energy, Inc. ("Avista Energy"), an indirect subsidiary of Avista
Corporation. On June 30, 2007, Avista Energy and Avista Energy Canada, Ltd. ("Avista
Energy Canada") completed the sale of substantially all of their contracts and ongoing
operations to Shell Energy North America (U.S.), L.P. ("Shell Energy"), formerly known as
Coral Energy Holding, L.P., as well as to certain other subsidiaries of Shell Energy.
Completion of this transaction effectively ended the majority of the operations of this
business segment. This segment still owns natural gas storage facilities and has operating
revenues and resource costs related to the power purchase agreement for a 270 megawatt
("MW") natural gas-fired combined cycle combustion turbine plant located in Idaho
("Lancaster Plant"). The Lancaster Plant is owned by an unrelated third-party and all of the
output from the plant is contracted to Avista Energy through 2026. The majority of the rights
and obligations under the power purchase agreement were assigned to Shell Energy
through the end of 2009. Beginning in 2010, we expect these rights and obligations will be
transferred to Avista Utilities, subject to future regulatory approval.

· Advantage IQ - a provider of facility information and cost management services for multi-site
customers throughout North America. This business segment's primary product lines include
consolidated billing, resource accounting, energy analysis and loan profiling services. The
activities of this business segment are conducted by Advantage IQ, Inc. ("Advantage IQ"), an
indirect subsidiary of Avista Corporation.
Avista Corporation has other businesses, including sheet metal fabrication, venture fund
investments and real estate investments. These activities do not represent a reportable business
segment and are conducted by various indirect subsidiaries of Avista Corporation. Over time as
opportunities arise, Avista plans to dispose of assets and phase out operations that do not fit with its
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overall corporate strategy. However, Avista may invest incremental funds to protect its existing
investments and invest in new businesses that fit with its overall corporate strategy.
Avista Energy, Advantage IQ and the various other companies are subsidiaries of Avista Capital,
Inc. ("Avista Capital"), which is a wholly owned subsidiary of Avista Corporation.
Avista Utilities
Avista Utilities provides electric distribution and transmission as well as natural gas distribution
services in parts of eastern Washington and northern Idaho. It also provides natural gas distribution
service in parts of northeast and southwest Oregon. At December 31, 2007, Avista Utilities supplied
retail
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