TVA To Reset 1998 Series D (TVC) PARRS Power Bonds
April 30, 2009
The interest rate on TVA 1998 Series D Putable Automatic Rate Reset Securities bonds, which are traded on the New York Stock Exchange under the symbol “TVC”, will be reset from 5.46 percent to 4.728 percent on June 1, 2009.
In conjunction with the reset, investors have the option of retaining their bonds with the new rate or requesting repayment at par value ($25 each). Investors who wish to return their bonds must contact the financial institution that holds the bonds to make repayment arrangements.
Repayment arrangements must be completed with The Depository Trust Company by financial institutions no later than Friday, May 22. Requests for repayment cannot be accepted directly by TVA.
On June 1, TVA will pay $25 for each bond properly returned, plus a quarterly interest payment of $0.34125 cents, reflecting the current annual interest rate of 5.46 percent.
The 1998 Series D bonds mature on June 1, 2028. They can be identified by the CUSIP number 880591300. The 1998 Series D offering circular along with additional information about the rate reset and repayment option are available on TVA’s web site, at www.tva.com/finance. Copies of the offering circular may be requested by calling 1-888-882-4975 (toll free).
TVA is the nation’s largest public power provider and is completely self-financing. TVA provides power to large industries and 158 power distributors that serve approximately 9 million consumers in seven southeastern states. TVA also manages the Tennessee River and its tributaries to provide multiple benefits, including flood damage reduction, navigation, water quality and recreation.
John Moulton, Knoxville, (865) 632-8048
TVA News Bureau, Knoxville, (865) 632-6000
(888) 882-4975 (toll-free)