Tennessee Valley Authority enters $500 million facility with BofA

By Jennifer Chiou

New York, April 10 - The Tennessee Valley Authority entered into on April 5 a $500 million credit facility with Bank of America, NA as administrative agent and issuer of letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

The facility will come due in April 2018.

Borrowings will bear interest at a variable rate and will depend on the rating of TVA's senior unsecured long-term non-credit enhanced debt.

Tennessee Valley Authority is a Knoxville, Tenn.-based electricity provider.

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