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TVA to sell $500 million of fixed-rate global power bonds due 2052
Chicago, Sept. 8 – Tennessee Valley Authority is readying a $500 million offering of fixed-rate global power bonds due Sept. 15, 2052, according to an 8-K filing with the Securities and Exchange Commission.
The bonds will be non-callable.
Application will be made with the New York Stock Exchange to list the bonds.
The bonds may potentially be stripped into separate interest components and principal components starting in 2023.
BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and TD Securities (USA) LLC are joint bookrunners.
The issuer is using in-house counsel and the underwriters are relying on White & Case LLP for legal advice.
Proceeds will be used to refinance existing debt or for other power system purposes.
TVA is a Knoxville, Tenn.-based provider of electricity.
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