AVISTA CORP Debt Disclosure

NOTE 16. LONG-TERM DEBT

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

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.