Avista Corp. Completes Equity Issuance with Over-allotment Option Fulfilled
December 15 2006 - 4:30PM
PR Newswire (US)
SPOKANE, Wash., Dec. 15 /PRNewswire-FirstCall/ -- Avista Corp.
(NYSE:AVA) today announced that it has completed the sale of
3,162,500 shares of common stock in its public offering, including
the full exercise of the over-allotment option granted by the
company to purchase up to 412,500 shares by the sole underwriter
UBS Investment Bank. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO ) The
shares were priced to the public at $25.05 per share, resulting in
net proceeds to the company of $77.7 million, after deducting the
underwriting discounts and the commissions. The intended uses of
the net proceeds of the offering include funding capital
expenditures, such as the completion of a five-year major
transmission infrastructure construction program and the first
steps in upgrading our Cabinet Gorge and Noxon Rapids hydro
generation projects to increase efficiency and productivity. In
addition, proceeds of the transaction will be used to pay maturing
debt and short-term borrowings under the company's committed line
of credit, and other corporate purposes. 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 a company operating division that provides service to
341,000 electric and 298,000 natural gas customers in three Western
states. Avista's non-regulated subsidiaries include Advantage IQ
and Avista Energy. Avista Corp.'s stock is traded under the ticker
symbol "AVA". For more information about Avista, please visit
http://www.avistacorp.com/. NOTE: Avista Corp. and the Avista Corp.
logo are trademarks of Avista Corporation. This news release
contains forward-looking statements, including statements regarding
the use of proceeds from a common stock offering. Such statements
are subject to a variety of risks, uncertainties and other factors,
most of which are beyond the company's control, and many of which
could have a significant impact on the company's operations,
results of operations and financial condition, and could cause
actual results to differ materially from those anticipated. For a
further discussion of these factors and other important factors,
please refer to the company's Annual Report on Form 10-K for the
year ended Dec. 31, 2005 and Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2006. The forward-looking statements
contained in this news release speak only as of the date hereof.
The company undertakes 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 management to predict all
of such factors, nor can it assess the impact of each such factor
on the company's 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.
http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO
http://photoarchive.ap.org/ DATASOURCE: Avista Corp. CONTACT:
investors, Jason Lang, +1-509-495-2930, or , or Avista 24/7 Media
Access, +1-509-495-4174 Web site: http://www.avistacorp.com/
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