By Aleesia Forni
Virginia Beach, Sept. 24 - The Tennessee Valley Authority priced $1 billion of 1.75% senior notes (//AAA) due 2018 on Tuesday with a spread of Treasuries plus 43 basis points, according to an informed source.
The notes priced at the tight end of talk.
Pricing was at 99.524 to yield 1.849%.
Proceeds will be used to repay debt.
BofA Merrill Lynch, Barclays, Morgan Stanley & Co. Inc. and TD Securities (USA) LLC were the bookrunners.
The government-owned electric utility is based in Knoxville, Tenn.
| Issuer: | Tennessee Valley Authority
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Maturity: | 2018
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Morgan Stanley & Co. Inc., TD Securities (USA) LLC
|
| Coupon: | 1.75%
|
| Price: | 99.524
|
| Yield: | 1.849%
|
| Spread: | Treasuries plus 43 bps
|
| Trade date: | Sept. 24
|
| Ratings: | Fitch: AAA
|
| Price talk: | Treasuries plus 45 bps area
|
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