Email page PDF view Print view Email Alert Social media sharing

The calculation to determine if the coupon rate on TVA’s 1999 Series A Puttable Automatic Rate Reset Securities (NYSE: TVE) will reset will be performed on Wednesday, April 1, 2020.
In the event of a coupon rate reset, TVA will provide notification and instructions to the Depository Trust Company (DTC) on April 2, 2020 and bondholders will have the opportunity to exercise an optional put. If there is no rate reset, the coupon rate will remain at the current rate of 3.36% for one additional year.

The calculation to determine if the coupon rate on TVA’s 1998 Series D Puttable Automatic Rate Reset Securities (NYSE: TVC) will reset will be performed on Wednesday, April 29, 2020.
In the event of a coupon rate reset, TVA will provide notification and instructions to the Depository Trust Company (DTC) on April 30, 2020 and bondholders will have the opportunity to exercise an optional put. If there is no rate reset, the coupon rate will remain at the current rate of 3.55% for one additional year.

 

 

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
3.550%
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
3.360%
Each May 1, until maturity
May 1, 2029
FEB 1
MAY 1
AUG 1
NOV 1
$525,000,000
$231,683,250