Email page PDF view Print view Email Alert Social media sharing

TVA announced on April 1, 2020 that the coupon rate on the TVA 1999 Series A (NYSE: TVE) PARRS bonds (CUSIP number 880591409) will be reset from the current rate of 3.360% to the new rate of 2.216% beginning on May 1, 2020.
Investors who wish to exercise a put option and return their bonds must contact their financial institution and complete repayment arrangements with the Depository Trust Company no later than Tuesday, April 21, 2020. TVA will pay $25 for each bond properly put in addition to the standard quarterly dividend payment occurring on May 1, 2020.
No action is required if investors wish to retain their bonds at the new rate. Quarterly dividend payments will continue at the new rate of 2.216%.

TVA announced on April 29, 2020 that the coupon rate on the TVA 1998 Series D (NYSE: TVC) PARRS bonds (CUSIP number 880591300) will be reset from the current rate of 3.550% to the new rate of 2.134% beginning on June 1, 2020.
Investors who wish to exercise a put option and return their bonds must contact their financial institution and complete repayment arrangements with the Depository Trust Company no later than Friday, May 22, 2020. TVA will pay $25 for each bond properly put in addition to the standard quarterly dividend payment occurring on June 1, 2020.
No action is required if investors wish to retain their bonds at the new rate. Quarterly dividend payments will continue at the new rate of 2.134%.

 

 

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.

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

Issue Ticker Symbol CUSIP Current Coupon Rate Date of Potential Reset Maturity Date Interest Payment Dates Original Issue Amount Amount Outstanding
1998 Series D
(PARRS)
Offering Circular
TVC
880591300
2.134%
Each June 1, until maturity
June 1, 2028
MAR 1
JUN 1
SEP 1
DEC 1
$575,000,000
$273,407,175
1999 Series A
(PARRS)
Offering Circular
TVE
880591409
2.216%
Each May 1, until maturity
May 1, 2029
FEB 1
MAY 1
AUG 1
NOV 1
$525,000,000
$231,683,250