Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 114

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 3
Chunk 114
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4$1 Total redemptions/maturities of power bonds1 Debt of variable interest entities18 Total redemptions/maturities of debt$19 Notes(1)  The 2025 Series A Bonds were issued at 98.517 percent of par.(2)  All redemptions were at 100 percent of par.Credit Facility AgreementsTVA has funding available under four revolving credit facilities totaling $2.7 billion.  See the table below for additional information on the four revolving credit facilities.  The interest rate on any borrowing under these facilities varies based on market factors and the rating of TVA's senior unsecured, long-term, non-credit-enhanced debt.  TVA is required to pay an unused facility fee on the portion of the total $2.7 billion that TVA has not borrowed or committed under letters of credit.  This fee, along with letter of credit fees, may fluctuate depending on the rating of TVA's senior unsecured, long-term, non-credit-enhanced debt.  At March 31, 2025, and September 30, 2024, there were $571 million and $566 million, respectively, of letters of credit outstanding under these facilities, and there were no borrowings outstanding.  TVA's letters of credit are primarily posted as collateral under TVA's interest rate swaps.  See Note 14 — Risk Management Activities and Derivative Transactions — Other Derivative Instruments — Collateral.  TVA may also post collateral for TVA's currency swaps, for commodity derivatives under the Financial Hedging Program ("FHP"), or for certain transactions with third parties that require TVA to post letters of credit. The following table provides additional information regarding TVA's funding available under the four revolving credit facilities:Summary of Credit FacilitiesAt March 31, 2025(in millions)Maturity DateFacility LimitLetters of Credit OutstandingCash BorrowingsAvailabilityMarch 2026$150 $38 $— $112 September 20261,000 122 — 878 March 20271,000 197 — 803 February 2028500 214 — 286 Total$2,650 $571 $— $2,079 TVA and the United States ("U.S.") Department of the Treasury ("U.S. Treasury"), pursuant to the TVA Act, have entered into a memorandum of understanding under which the U.S. Treasury provides