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| TVC > SEC Filings for TVC > Form 8-K on 28-Jun-2012 | All Recent SEC Filings |
28-Jun-2012
Entry into a Material Definitive Agreement, Termination of a Material
On June 25, 2012, TVA entered into a $1,000,000,000 Spring Maturity Credit Agreement with The Bank of New York Mellon ("BNY Mellon"), Bank of America, N.A., Canadian Imperial Bank of Commerce, New York Agency, First Tennessee Bank National Association, Morgan Stanley Bank, N.A., and Toronto Dominion (New York) LLC (the "Credit Agreement"). BNY Mellon serves as Administrative Agent and Letter of Credit Issuer, and is also a Lender under the Credit Agreement. The Credit Agreement allows TVA to access up to $1,000,000,000 in either loans or letters of credit, and will expire on June 25, 2017. The interest rate on any borrowing under the 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.
On June 25, 2012, in connection with entering into the Credit Agreement, TVA terminated the $1,000,000,000 Spring Maturity Credit Agreement dated as of July 22, 2010, and amended on May 9, 2011, and September 30, 2011, among TVA, Bank of America, N.A., as Administrative Agent and Letter of Credit Issuer, Bank of America, N.A., as a Lender, and the other parties thereto.
Exhibit No. Description of Exhibit
10.1 $1,000,000,000 Spring Maturity Credit Agreement Dated as of June
25, 2012, among TVA, The Bank of New York Mellon as Administrative
Agent and Letter of Credit Issuer, The Bank of New York Mellon as a
Lender, and the Other Lenders Party Thereto.
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