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TVA secures $150M community bank credit agreement

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TVA secures $150M community bank credit agreement

The Tennessee Valley Authority secured a community bank credit agreement that allows the federal utility to access $150 million in loans as well as $37.5 million in letters of credit.

However, the letters of credit will reduce the amount of loans available under the agreement, which will expire Dec. 12, 2019, according to a Dec. 15 Form 8-K filing. SunTrust Bank served as administrative agent and a lender, and Branch Banking and Trust Co. acted as letter of credit issuer and a lender.

Other lenders included First National Bank, First Tennessee Bank NA, HomeTrust Bank, Pinnacle Bank, Regions Bank, Trustmark National Bank, and United Community Bank. Meanwhile, SunTrust Robinson Humphrey Inc., BB&T Capital Markets and Regions Capital Markets, a division of Regions Bank, were the joint lead arrangers.

TVA, which has struggled in recent years with slowing demand and the early retirements of many of its coal-fired plants, recorded its highest-ever net income for the 2016 fiscal year, making $1.2 billion, up $122 million from 2015.