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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 28, 2000
AVISTA CORPORATION
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(Exact name of registrant as specified in its charter)
Washington 1-3701 91-0462470
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1411 East Mission Avenue, Spokane, Washington 99202-2600
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 509-489-0500
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Web site: http://www.avistacorp.com
(Former name or former address, if changed since last report)
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ITEM 5. OTHER INFORMATION
A copy of the press release announcing the conversion of the Series L Preferred
Stock back into common stock is attached hereto as Exhibit 99 and is
incorporated herein by reference. Neither the filing of any press release as an
exhibit to this Current Report nor the inclusion in such press releases of a
reference to the Company's Internet address shall, under any circumstances, be
deemed to incorporate the information available at such Internet address into
this Current Report. The information available at the Company's Internet address
is not part of this Current Report or any other report filed by the Company with
the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AVISTA CORPORATION
(Registrant)
Date: February 9, 2000 /s/ Jon E. Eliassen
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Jon E. Eliassen
Senior Vice President and
Chief Financial Officer
(Principal Accounting and
Financial Officer)
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Exhibit 99
[AVISTA LOGO]
NEWS RELEASE
CONTACT: Media: Laurine Jue 509-495-2510 e-mail: [email protected]
Investors: Dave Brukardt 509-495-2833 e-mail: [email protected]
FOR IMMEDIATE RELEASE:
JAN. 28, 2000
AVISTA CORP. TO CONVERT RECONS TO COMMON STOCK
SHAREHOLDERS WILL RECEIVE COMMON STOCK IN EXCHANGE FOR RECONS
SPOKANE, WASH.: Avista Corp. (NYSE: AVA) today announced that its board of
directors has authorized the conversion of all the outstanding 1.5 million
shares of $12.40 Preferred Stock, Convertible Series L (Series L Preferred
Stock), back into common stock on Feb. 16, 2000. One share of Series L Preferred
Stock equals 10 depositary shares, also known as RECONS (Return-Enhanced
Convertible Securities). The RECONS will also be converted into common stock on
the same conversion date. According to the terms of the RECONS, which were
originally issued in December 1998, the company has the option to convert the
RECONS back to common stock prior to the mandatory conversion date of Nov. 1,
2001. Holders of the RECONS are in the process of being notified.
On the conversion date, each of the RECONS will be converted into the
following: 0.7205 shares of common stock, representing the optional conversion
price; plus 0.0361 shares of common stock, representing the optional conversion
premium; plus $0.21 cash, representing accumulated and unpaid dividends up
until, but excluding, the conversion date of Feb. 16, 2000. Any fractional share
resulting from the conversion will be converted to cash and paid to the holder.
For example, 100 RECONS would be converted to 72.05 shares of common stock, plus
a premium of 3.61 shares of common stock, plus $21.00 in cash dividends.
The Bank of New York is coordinating the RECONS conversion process and any
questions regarding the conversion or procedures for delivering RECONS should be
directed to the Bank of New York at 1-800-507-9357.
Avista Corp. is an energy, information and technology corporation whose
utility and subsidiary operations focus on delivering superior products and
providing innovative solutions to business and residential customers throughout
North America.
Avista Corp. operates Avista Capital, which owns all the company's
non-regulated energy and non-energy businesses. Avista Capital companies include
Avista Energy, Avista Energy Canada, Ltd., Avista Power, Avista Advantage,
Avista Labs, Avista Fiber, Avista Communications, Avista Development and Pentzer
Corporation. Avista Corp.'s stock is traded under the ticker symbol "AVA." For
more information about Avista Corp. and its affiliate businesses, visit the
corporate website at www.avistacorp.com
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation. All other trademarks mentioned in this document are the property of
their respective owners.
