KNOXVILLE, Tenn., Dec. 15, 2011 /PRNewswire-USNewswire/ -- The Tennessee Valley Authority, taking advantage of market conditions, will redeem one issue of bonds from its electronotes series on Jan. 15, 2012.
TVA announced Thursday it will redeem all of its 2008 4.75-percent electronotes due Jan. 15, 2028. These securities are identified by the CUSIP number 88059TEE7. Approximately $35.4 million of this series is 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 program offers securities for retail investors in a variety of structures. The electronotes have maturities of up to 30 years, and certain issues are redeemable by TVA prior to maturity. TVA offers new electronotes from time to time, generally on a monthly basis.
The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for 9 million people in parts of seven southeastern states at prices below the national average. TVA, which receives no taxpayer money and makes no profits, also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.
SOURCE Tennessee Valley Authority