TVA to sell $500 million of fixed-rate global power bonds due 2052

Chicago, Sept. 8 – Tennessee Valley Authority is readying a $500 million offering of fixed-rate global power bonds due Sept. 15, 2052, according to an 8-K filing with the Securities and Exchange Commission.

The bonds will be non-callable.

Application will be made with the New York Stock Exchange to list the bonds.

The bonds may potentially be stripped into separate interest components and principal components starting in 2023.

BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and TD Securities (USA) LLC are joint bookrunners.

The issuer is using in-house counsel and the underwriters are relying on White & Case LLP for legal advice.

Proceeds will be used to refinance existing debt or for other power system purposes.

TVA is a Knoxville, Tenn.-based provider of electricity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.