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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2023
Short-Term Debt [Abstract] |
Short-Term Borrowings | NOTE 9. S HORT-TERM BORROWINGS Avista Corp. Lines of Credit Avista Corp. has a committed line of credit in the total amount of $500 million, with an expiration date of June 2028 and the option to extend for two additional one year periods (subject to customary conditions). In June 2023, the then-existing agreement was amended to increase the capacity of the committed line of credit from $400 million to $500 million, extend the expiration date and replace the London Interbank Offered Rate (LIBOR) provisions with SOFR provisions. The committed line of credit is secured by non-transferable first mortgage bonds of Avista Corp. issued to the agent bank that would only be payable in the event, and then only to the extent, Avista Corp. defaults on its obligations under the committed line of credit. The bonds would bear interest at a rate of 12 percent. Balances outstanding and interest rates on borrowings (excluding letters of credit) under Avista Corp.’s revolving committed line of credit were as follows as of September 30, 2023 and December 31, 2022 (dollars in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Borrowings outstanding at end of period |  | $ | 220,000 |  |  | $ | 313,000 |
Letters of credit outstanding at end of period |  |  | 4,638 |  |  |  | 35,563 |
Average interest rate on borrowings at end of period |  |  | 6.42 | % |  |  | 5.31 | %
In December 2022, Avista Corp. entered into a revolving credit agreement in the amount of $100 million. As of December 31, 2022, Avista Corp. did no t have any outstanding borrowings under this agreement. The agreement was terminated in June 2023. The borrowings outstanding under Avista Corp.'s committed lines of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheets. 2022 Term Loan In December 2022, Avista Corp. entered into a term loan agreement in the amount of $150 million with a maturity date of March 30, 2023. Avista Corp. borrowed the entire $150 million available under the agreement in 2022, and repaid the entire outstanding balance in March 2023. 2022 Letter of Credit Facility In December 2022, Avista Corp. entered into a letter of credit a greement in the aggregate amount of $50 million. Either party may terminate the agreement at any time. Avista Corp. had $9.0 million and $18.5 million in letters of credit outstanding under this agreement as of September 30, 2023 and December 31, 2022, respectively. Letters of credit are not reflected on the Condensed Consolidated Balance Sheets. If a letter of credit were drawn upon by the holder, we would have an immediate obligation to reimburse the bank that issued the letter. Covenants and Default Provisions The short-term borrowing agreements contain customary covenants and default provisions, including a change in control (as defined in the agreements). The events of default under each of the credit facilities also include a cross default from other indebtedness (as defined) and, in the case of the letter of credit agreement, other obligations. The committed line of credit agreement also includes a covenant which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” of Avista Corp. to be greater than 65 percent at any time. As of September 30, 2023, the Company was in compliance with this covenant. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in June 2028. There was $1.5 million outstanding under this agreement as of September 30, 2023, and no borrowings or letters of credit outstanding under this agreement as of December 31, 2022. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit.

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