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TVA prices $1B of global power bonds

Tennessee Valley Authority on March 5 priced $1 billion of its 2.25% global power bonds due March 15, 2020.

The federal electric utility plans to use net proceeds from the sale of the bonds to refinance existing debt or for general power system purposes. The two-year maturity fits well in TVA's debt profile, and will give the utility greater flexibility in managing obligations in the coming years, said CFO John Thomas.

Interest on the bonds is payable semiannually on March 15 and Sept. 15, starting Sept. 15. The bonds are not subject to redemption prior to maturity.

Bank of America Merrill Lynch, Barclays Capital, Morgan Stanley and TD Securities acted as joint book-running managers.