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Item 1.01 Entry into a Material Definitive Agreement.
On September 21, 2021, TVA entered into a second amended and restated $1,000,000,000 September Maturity Credit Agreement (the “Credit Agreement”). Royal Bank of Canada serves as Administrative Agent, Letter of Credit Issuer, and a Lender. Other Lenders include Barclays Bank PLC, BNP Paribas, Regions Bank, Truist Bank, and Wells Fargo Bank, National Association. RBC Capital Markets serves as Lead Arranger and Bookrunner.
The
Credit Agreement allows TVA to access up to $1,000,000,000 in either loans or letters of credit and will expire on September 21, 2026, unless the maturity date is extended in accordance with the terms of the agreement. The interest rate on any borrowing under the Credit Agreement is variable 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 $1,000,000,000 against which TVA has not borrowed or committed under letters of credit. This fee, along with the fee on any letter of credit, may fluctuate depending on the rating of TVA’s senior unsecured long-term non-credit enhanced debt.
This description
of the Credit Agreement is a summary only and is qualified in its entirety by the full and complete text of the Credit Agreement. A copy of the Credit Agreement is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Second Amended and Restated September Maturity Credit Agreement Dated as of September 21, 2021, Among Tennessee Valley Authority, as the Borrower, Royal Bank of Canada, as Administrative Agent, Letter of Credit Issuer, and a Lender, and the Other Lenders Party Thereto
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
