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    Putable Automatic Rate Reset Securities

    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%.

    TVA announced on April 29, 2020 that the coupon rate on the TVA 1998 Series D (NYSE: TVC) PARRS bonds (CUSIP number 880591300) will be reset from the current rate of 3.550% to the new rate of 2.134% beginning on June 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 Friday, May 22, 2020. TVA will pay $25 for each bond properly put in addition to the standard quarterly dividend payment occurring on June 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 2.134%.

     

    PARRS Fast Facts

    Issued in denominations of $25

    Quarterly interest payments

    Not callable prior to maturity

    Traded on the New York Stock Exchange as "TVC" and "TVE"

    Annual reset provision provides for a possible reduction in the coupon rate under certain conditions

    Option for investors to put (return) bonds to TVA at par value if the coupon rate is reset lower

    How is the reset calculated?

     

    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

    Select a category to get a quote from the New York Stock Exchange .

    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
    2.134%
    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
    2.216%
    Each May 1, until maturity
    May 1, 2029
    FEB 1
    MAY 1
    AUG 1
    NOV 1
    $525,000,000
    $231,683,250

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