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TVA files $3B offering circular for bonds

Tennessee Valley Authority on Dec. 4 released an offering circular announcing plans to sell up to $3 billion of power bonds from time to time, as part of its "electronotes" program.

The utility intends to use net proceeds to retire existing debt or to provide financing for its power program, according to a Dec. 9 filing.

The bonds will bear maturity that may vary between one year and 30 years from the date of issue, and may also feature a fixed interest rate, payable at monthly, quarterly, semiannual, or annual intervals. The bonds will be issued in denominations of $1,000 and integral multiples of $1,000, according to the filing.

Incapital LLC will act as the purchasing agent which may sell the notes to other agents, including Citigroup Global Markets Inc., FHN Financial Capital Markets, Morgan Stanley & Co. LLC and Wells Fargo Advisors LLC. JPMorgan Chase Bank is currently the paying agent.