By Andrea Heisinger
New York, Dec. 18 - The Tennessee Valley Authority priced $1 billion of 3.5% 30-year bonds (Aaa/AA+/AAA) on Tuesday at Treasuries plus 63 basis points, a source told Prospect News.
The sale was done at the tight end of talk in the 65 bps area.
Pricing was at 97.494 to yield 3.368%. There is no call option.
Bookrunners were Bank of America Merrill Lynch, Barclays and Morgan Stanley & Co. LLC.
TVA last priced bonds in the U.S. market with a $1 billion offering of 10-year notes on Aug. 6.
The government-owned electric utility is based in Knoxville, Tenn.
| Issuer: | Tennessee Valley Authority
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Maturity: | Dec. 15, 2042
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays, Morgan Stanley & Co. LLC
|
| Coupon: | 3.5%
|
| Price: | 97.494
|
| Yield: | 3.368%
|
| Spread: | Treasuries plus 63 bps
|
| Call: | Non-callable
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Price talk: | 65 bps area
|
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