The following details long-term debt outstanding as of December 31 (dollars in millions):


Maturity Year	Description	Interest Rate	2024			2023
Avista Corp. Secured Long-Term Debt
2028	Secured Medium-Term Notes	6.37%	$	25		$	25
2032	Secured Pollution Control Bonds (1)	3.88%		67			67
2034	Secured Pollution Control Bonds (1)	3.88%		17			17
2035	First Mortgage Bonds	6.25%		150			150
2037	First Mortgage Bonds	5.70%		150			150
2040	First Mortgage Bonds	5.55%		35			35
2041	First Mortgage Bonds	4.45%		85			85
2044	First Mortgage Bonds	4.11%		60			60
2045	First Mortgage Bonds	4.37%		100			100
2047	First Mortgage Bonds	4.23%		80			80
2047	First Mortgage Bonds	3.91%		90			90
2048	First Mortgage Bonds	4.35%		375			375
2049	First Mortgage Bonds	3.43%		180			180
2050	First Mortgage Bonds	3.07%		165			165
2051	First Mortgage Bonds	3.54%		175			175
2051	First Mortgage Bonds	2.90%		140			140
2052	First Mortgage Bonds	4.00%		400			400
2053	First Mortgage Bonds	5.66%		250			250
	Total Avista Corp. secured long-term debt			2,544			2,544
Alaska Electric Light and Power Company Secured Long-Term Debt
2044	First Mortgage Bonds	4.54%		75			75
	Total secured long-term debt			2,619			2,619
Alaska Energy and Resources Company Unsecured Long-Term Debt
2029	Unsecured Term Loan (2)	5.92%		15			15
	Total secured and unsecured long-term debt			2,634			2,634
Other Long-Term Debt Components
	Unamortized debt discount			(1	)		(1	)
	Unamortized long-term debt issuance costs			(19	)		(19	)
	Total			2,614			2,614
	Secured Pollution Control Bonds held by Avista Corporation (1)			—			(84	)
	Current portion of long-term debt			—			(15	)
	Total long-term debt		$	2,614		$	2,515

(1)

In April 2024, the Company remarketed the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds. The bonds are not subject to ordinary optional redemption. The bonds are secured by equal principal amounts of non-transferable first mortgage bonds of the Company. Avista Corp. had purchased the Forsyth bonds upon original issuance in December 2010 and held the bonds until market conditions were favorable for remarketing the bonds to unaffiliated investors. In connection with the pricing of the Forsyth bonds, the Company cash-settled two interest rate swap derivatives (notional aggregate amount of $20 million) and received a net amount of $4 million. See note 8 for a discussion of interest rate swap derivatives.

(2)

In December 2024, AERC entered an amended agreement for its $15 million unsecured term loan. The amendment extends the maturity to December 2029, and increases the interest rate from 3.44 percent to 5.92 percent.

The following table details future long-term debt maturities including long-term debt to affiliated trusts (see Note 17) (dollars in millions):

Substantially all of Avista Utilities' and AEL&P's owned properties are subject to the lien of their respective mortgage indentures. Under the Mortgages and Deeds of Trust (Mortgages) securing their first mortgage bonds (including secured medium-term notes), Avista Utilities and AEL&P may each issue additional first mortgage bonds under their specific mortgage in an aggregate principal amount equal to the sum of:

Avista Utilities and AEL&P may not individually issue any additional first mortgage bonds (with certain exceptions in the case of bonds issued on the basis of retired bonds) unless the particular entity issuing the bonds has “net earnings” (as defined in that entity's Mortgage) for any period of 12 consecutive calendar months out of the preceding 18 calendar months that were at least twice the annual interest requirements on all mortgage securities at the time outstanding, including the first mortgage bonds to be issued, and on all indebtedness of prior rank. As of December 31, 2024, property additions and retired bonds would have allowed, and the net earnings test would not have prohibited, the issuance of $1.5 billion by Avista Corp. in an aggregate principal amount of additional first mortgage bonds and $56 million by AEL&P, at an assumed interest rate of 8 percent in each case.