TVA to Redeem Debt Securities
September 2, 2005
TVA announced today that on October 2, 2005, it will redeem five bonds in the TVA electronotes® series.
TVA will redeem all of its 2001 6.35 percent electronotes® due June 15, 2021. The bonds are identified by the CUSIP number 88059TAE1.Approximately $28 million of the 88059TAE1 bonds are currently outstanding.
TVA will redeem all of its 2001 6.10 percent electronotes® due August 15, 2021. The bonds are identified by the CUSIP number 88059TAJ0. Approximately $23 million of the 88059TAJ0 bonds are currently outstanding.
TVA will redeem all of its 2002 6.00 percent electronotes® due May 15, 2017. The bonds are identified by the CUSIP number 88059TAZ4. Approximately $40 million of the 88059TAZ4 bonds are currently outstanding.
TVA will redeem all of its 2003 5.50 percent electronotes® due August 15, 2018. The bonds are identified by the CUSIP number 88059TCG4. Approximately $43 million of the 88059TCG4 bonds are currently outstanding.
TVA will redeem all of its 2003 5.625 percent electronotes® due October 15, 2023. The bonds are identified by the CUSIP number 88059TCM1. Approximately $14 million of the 88059TCM1 bonds are currently outstanding.
Each of the bonds will be redeemed at 100 percent of par value. The redemption price and any accrued interest will be paid to eligible holders of the bonds through The Depository Trust Company (DTC). TVA will realize approximately $1 million in annual interest savings from redeeming the bonds.
TVA’s electronotes® program offers securities for retail investors in a variety of structures and maturities. Including the five bonds being called in October, 54 separate issues of electronotes® were outstanding as of August 31, 2005. TVA’s rated securities are rated Aaa by Moody’s Investors Service and AAA by Standard and Poor’s and Fitch Ratings.
TVA is a wholly owned U.S. government agency and the nation’s largest public power system. Its power system is self-supporting through power revenues and proceeds from power program financings. TVA provides power to large industries and 158 power distributor customers that serve more than 8.5 million consumers in seven southeastern states.
Media Contact
John Moulton, (865) 632-8048
TVA News Bureau, Knoxville, (865) 632-6000
