KNOXVILLE, Tenn., Sept. 16, 2011 /PRNewswire-USNewswire/ -- The Tennessee Valley Authority announced Friday that on Oct. 15, 2011, it will redeem one issue of bonds from its electronotes(R) series.
TVA will redeem all of its 2008 5.00-percent electronotes(R) due Oct. 15, 2023. These securities are identified by the CUSIP number 88059TEH0. Approximately $14.5 million of the 88059TEH0 electronotes(R) are currently outstanding.
The notes will be redeemed at 100 percent of par value. The redemption price and any accrued interest will be paid to eligible holders through The Depository Trust Company.
TVA's electronotes(R) program offers securities for retail investors in a variety of structures. The electronotes(R) have maturities of up to 30 years, and certain issues are redeemable by TVA prior to maturity. TVA offers new electronotes(R) from time to time, generally on a monthly basis.
The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for utility and business customers in most of Tennessee and parts of Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia – an area of 80,000 square miles with a population of 9 million. TVA operates 29 hydroelectric dams, 11 coal-fired power plants, three nuclear plants and 12 natural gas-fired power facilities and supplies up to 34,000 megawatts of electricity, delivered over 16,000 miles of high-voltage power lines. TVA also provides flood control, navigation, land management and recreation for the Tennessee River system and works with local utilities and state and local governments to promote economic development across the region. TVA, which makes no profits and receives no taxpayer money, is funded by sales of electricity to its customers. Electricity prices in TVA's service territory are below the national average.
SOURCE Tennessee Valley Authority