TVA Achieves Historically Low Cost 30-Year Financing

Wednesday, December 19, 2012

The Tennessee Valley Authority announced Wednesday that it has priced $1 billion of new 30-year global power bonds with an interest rate of 3.50 percent – the lowest rate ever on a TVA 30-year institutional bond.

TVA was able to take advantage of a window of opportunity during a period of government fiscal negotiations and the holiday season to obtain low-cost financing. 

“The favorable interest rate environment and stable market allowed us to achieve the lowest interest rate on any TVA institutional financing of more than ten years,” Senior Vice President and Treasurer John Hoskins said. “The low-cost financing will support TVA’s vision to provide low cost, cleaner energy.”

TVA receives no funding from taxpayers, and pays its own way with revenues from power sales and power program financings. The proceeds from the sale will be used to reduce other debt, and for general corporate purposes.

The transaction benefitted from strong investor demand, with orders from a variety of institutional investors primarily in the United States. Morgan Stanley, Bank of America Merrill Lynch and Barclays Capital were joint book-running managers for the offering. 

“We were pleased to be able to meet investor demand for high-quality, long-term bonds, with an oversubscribed book of orders that supported the historically low interest rate,” said Mr. Hoskins.

The new bonds mature on Dec. 15, 2042, and are not subject to redemption prior to maturity. Interest will be paid semi-annually each Dec.15 and June 15. Application has been made to list the bonds on the New York Stock Exchange. The bonds will also be issued, maintained and transferred through the book-entry system of the Federal Reserve Banks. The bonds can be identified by the CUSIP number 880591EP3.



JAN-Pro Expands Commercial Cleaning Franchise

Throughout 2014, JAN-PRO expanded its network of more than 10,000 owner-operators across the United States with a focus in Chattanooga. JAN-PRO janitorial franchises serve offices, health care facilities, schools and other commercial spaces.  Most recently, JAN-PRO has succeeded in its social media efforts with new Regional Master Franchisee Anthony Burton, modeling an approach ... (click for more)

New Hamilton County Businesses

Here are the new business licenses from the County Clerk's office: ABSTON AMP & GUITAR REP 835 RUNYAN DR CHATTANOOGA, TN 37405 ANCHORED ALLIANCES 59 FAIRHILLS DR CHATTANOOGA, TN 37405 ASHLEY ENTERPRISES INC 1020 E 13TH ST CHATTANOOGA, TN 37408 BEAMHIT INC 4824 HIXSON PK STE B HIXSON, TN 37343 CHATTANOOGA STONE CENTER 7731 LEE HIGHWAY ... (click for more)

DA Tells Dalton Jury Cell Phone Of Skyy Mims Was Found At Murder Scene

District Attorney Bert Poston told a jury in Dalton on Monday that the cell phone of Skyy Mims was found at the scene of the murder of convenience store clerk DK Chaudhari. He said Ms. Mims carried out the robbery in order to get Lotto tickets that she hoped would bring her money to finance her budding musical career. He said she took 80 "$500 A Week For Life" tickets. The ... (click for more)

David Earl Perian, 35, Arrested After Eluding Police In A Foot Chase And Stealing A Vehicle In Bradley County

David Earl Perian, 35, of Cleveland was arrested on multiple charges on Monday after he led police in a foot chase, and then stole a vehicle. Sheriff Eric Watson and members of the Bradley County Sheriff’s Office’s Patrol Division were notified Monday morning of a reckless driver in the area of US 64 and Durkee Road. Minutes later, officers discovered the vehicle, a 2005 ... (click for more)

The Heart Of A Teacher Makes A Difference - And Response (2)

In less than four weeks, I expect to be one of 216 graduating seniors from East Hamilton School. One could say all possible variables help a student rise to the highest levels in school; but a student is more than his environment or genetic code. He is a mixture of his own propensity and dedication to academics, coupled with a systemic team of mentors who give their all as a student’s ... (click for more)

Roy Exum: The P.S. To A Sad Story

Back in the days when we were determined that the Chattanooga News-Free Press would have the best sports section in the country, I was traveling a whole lot. For example, back then I would be leaving today or tomorrow for Saturday’s Kentucky Derby, this after hardly recovering from a week spent at The Masters. And, as it happens with those who are constantly in search for tomorrow’s ... (click for more)