SPOKANE, Wash., Dec. 12 // -- Avista Corp. (NYSE: AVA) today announced the pricing of a registered public offering of 2,750,000 shares of its common stock. The sole underwriter of the offering, UBS Investment Bank, has been granted a 30-day option to purchase up to 412,500 additional shares to cover over-allotments. The reported last sale price on the New York Stock Exchange of Avista Corp. common stock on Dec. 11, 2006, was $26.12 per share. The intended uses of the net proceeds of the offering include funding capital expenditures, paying maturing debt, paying short-term borrowings under the company's committed line of credit and other corporate purposes.
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"Funds from the transaction will give us the flexibility to continue investing in our utility infrastructure and to continue to regain corporate financial health to enhance customer and shareholder value," said Malyn Malquist, Avista executive vice president and chief financial officer.
Settlement of the offering is expected to occur on or about Dec. 15, 2006. The final terms of the offering, including the amount of the net proceeds, will be disclosed in the final prospectus to be filed with the Securities and Exchange Commission.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. The offering is being made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained from UBS Investment Bank, 299 Park Avenue, New York, New York 10171.
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.
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SOURCE: Avista Corp.
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