TVA Announces Debt Exchange
April 23, 2002
TVA announced today an offer to exchange the $984 million principal amount of 7.14 percent power bonds issued in 2000 for 6.79 percent power bonds.
TVA is offering to exchange 6.79 percent 2002 Series A power bonds, due May 23, 2012, for outstanding 7.14 percent 2000 Series F power bonds, due May 23, 2012. The new bonds mature in 2012 and provide an opportunity for early redemption on May 24, 2004. The original bonds were issued in May 2000 and reopened in July 2000 in response to high investor demand.
Morgan Stanley & Company is the exclusive dealer manager for the exchange, and D. F. King & Company is the information agent.
Any questions concerning the terms of the exchange offer may be directed to Morgan Stanley at 800-624-1808. Any questions concerning exchange procedures or requests for copies of the offering circular materials should be directed to D. F. King at 212-269-5550 or 800-669-5550.
TVA’s power bonds are traded on the bond market of the New York Stock Exchange, and its Putable Automatic Rate Reset Securities are traded on the New York Stock Exchange under the symbols TVC and TVE. All of TVA’s securities are publicly held.
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 the issuance of debt. TVA provides power to large industries, federal agencies, and 158 power distributors that serve 8.3 million consumers in seven southeastern states.
Media Contact:
John Moulton, Knoxville (865-632-8048) or TVA News Bureau (865-632-6000)
