Chicago, May 6 – Tennessee Valley Authority priced $1 billion of 0.75% five-year global power bonds (Aaa/AA+/AAA) on Wednesday, according to a market source and a press release.
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.
The offering was oversubscribed with more than $4 billion of interest.
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.
| Issuer: | Tennessee Valley Authority
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| Amount: | $1 billion
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| Description: | Global power bonds
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| Maturity: | May 15, 2025
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| Bookrunners: | BofA Securities, Inc., Barclays, Morgan Stanley & Co. LLC and TD Securities (USA) LLC
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| Coupon: | 0.75%
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| Trade date: | May 6
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| Ratings: | Moody’s: Aaa
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| S&P: AA+
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| Fitch: AAA
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| Price guidance: | Treasuries plus 45 bps area, plus or minus 2 bps; initial talk at Treasuries plus 50 bps to 55 bps area
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