By Aleesia Forni
Virginia Beach, Sept. 25 – Tennessee Valley Authority sold $1 billion of 2.875% global power bonds due Sept. 15, 2024, according to a company press release.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays and RBC Capital Markets LLC were the bookrunners.
“Favorable market conditions allowed us to take advantage of interest rates that are still near historical lows to lock in low-cost funding for TVA and our customers, while meeting market demand for high-grade investments,” vice president and treasurer Tammy Wilson said in the press release.
“Investors recognize that TVA’s business model is sound, and that this is a rare opportunity to buy bonds of the highest quality, backed by one of the largest electric power systems in America.”
Proceeds will be used to refinance existing debt or for other power system purposes.
The corporate agency provides electricity for business customers and local power companies in parts of seven southeastern states and is based in Knoxville, Tenn.
| Issuer: | Tennessee Valley Authority
|
| Amount: | $1 billion
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| Description: | Global power bonds
|
| Maturity: | Sept. 15, 2024
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| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC
|
| Coupon: | 2.875%
|
| Trade date: | Sept. 24
|
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