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%.