Putable Automatic Rate Reset Securities (PARRS)

Current Information

2008 Reset Calculation for TVE

The interest rate on the 1999 Series A ("TVE") PARRS bonds was reset to 5.174% on May 1, 2008. Approximately $102 million, or 25 percent, of $400 million previously outstanding were returned to TVA in conjunction with the reset. Approximately $298 million of the bonds remain outstanding.

2008 Reset Calculation for TVC

The interest rate on the 1998 Series D ("TVC") PARRS bonds was reset to 5.46% on June 1, 2008. Approximately $109 million, or 24 percent, of $459 million previously outstanding were returned to TVA in conjunction with the reset. Approximately $350 million of the bonds remain outstanding.

Click here for a PARRS reset history.

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.

1998 Series D (TVC) Legal Notice
(PDF, 95 kb)

1999 Series A (TVE) Legal Notice
(PDF, 94 kb)

TVC is sometimes called: (TVA 28), (TN Vly PARRS)

TVE is sometimes called: (TVA 29), (TVA PARRS)

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TVC (PARRS 28)

TVE (PARRS 29)