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Tennessee Valley Authority offers $1 billion of five-year bonds at Treasuries plus 45 bps area
By Cristal Cody
Tupelo, Miss., May 6 – Tennessee Valley Authority offered $1 billion of five-year global power bonds (Aaa/AA+/AAA) on Wednesday, according to a market source.
Initial talk on the bonds was in the Treasuries plus 50 basis points to 55 bps area with guidance tightened to the 45 bps area, plus or minus 2 bps.
BofA Securities, Inc., Barclays, Morgan Stanley & Co. LLC and TD Securities (USA) LLC are the bookrunners.
Proceeds from the offering will be used to refinance existing debt or general corporate purposes.
Tennessee Valley Authority is a Knoxville, Tenn.-based corporate agency of the United States of America that provides electricity and is responsible for managing the Tennessee River and its tributaries to provide flood control, navigation and land management.
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