TVA Sells $1.5B Power Bonds

Electricity producer, Tennessee Valley Authority (TVA),has raised a total of $1.5 billion in a sale of power bonds, Reuters reports. The notes, which carry a coupon rate of 3.87%, will mature on Feb. 15, 2021.

The proceeds from the offering, will be used by the U.S. federally owned corporation to pay off some of its short-term debt, adds The Wall Street Journal. The joint book-running managers for the sale were Bank of America Merrill Lynch, Barclays and Morgan Stanley.

Click here for the story from Reuters.

Click here for additional coverage from The Wall Street Journal.