Putable Automatic Rate Reset Securities (PARRS)

Current Information

2009 Reset Calculation for TVE

The interest rate on the 1999 Series A ("TVE") PARRS bonds was reset from 5.174-percent to 4.50-percent on May 1, 2009. Approximately $25 million of the TVE bonds were redeemed in conjunction with the reset. Approximately $274 million remain outstanding as of May 1, 2009.

2009 Reset Calculation for TVC

The interest rate on the 1998 Series D ("TVC") PARRS bonds was reset from 5.46-percent to 4.728-percent on June 1, 2009. Approximately $20 million of the TVC bonds were redeemed in conjunction with the reset. Approximately $330 million remain outstanding after June 1, 2009.

Please contact TVA Investor Relations for additional information by calling (888) 882-4975 (toll-free), or by sending an email to investor@tva.com.

Update: Important Legal Notices

TVA has issued legal notices to clarify the procedures that you should follow in order to exercise the put option in the event that a coupon rate reset notice is given and to clarify the procedures used to determine whether the coupon rate on the PARRS will be reset.

1998 Series D (TVC) Legal Notice
(PDF, 95 kb)

1999 Series A (TVE) Legal Notice
(PDF, 94 kb)

TVC is sometimes called: (TVA 28), (TN Vly PARRS)

TVE is sometimes called: (TVA 29), (TVA PARRS)

Putable Automatic Rate Reset Securities (PARRS) Reset History

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TVC (PARRS 28)

TVE (PARRS 29)