Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 257

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 2
Chunk 257
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 2024, to June 30, 2025:Debt Securities Activity DateAmount(in millions)IssuesDebt of variable interest entitiesOctober 2024$800 2025 Series A(1)February 20251,250 2025 Series B(2)May 20251,500 Discount on debt issues(28)Total long-term debt issues$3,522 Redemptions/Maturities(3) 2009 Series BDecember 2024$1 2020 Series AMay 20251,000 2009 Series BJune 202521 Total redemptions/maturities of power bonds1,022 Debt of variable interest entities23 Total redemptions/maturities of debt$1,045 Notes(1)  The 2025 Series A Bonds were issued at 98.517 percent of par.(2)  The 2025 Series B Bonds were issued at 99.360 percent of par.(3)  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 June 30, 2025, and September 30, 2024, there were $517 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