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.
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