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FEDERAL RESERVE BANK OF NEW YORK F isca l Agent of the United States for the T en n essee V alley Authority May 2 9 , 1973 RESULTS OF BIDDING FOR TVA POWER NOTES T o Certain Com m ercial Banks, Trust Com panies, and D ealers in Investm en t S e cu r ities: The following statement was authorized by the Tennessee Valley Authority for issuance today, announcing the auction results of its recent offering of Power Notes: The T e n e s s e e y a l l e y A u t h o r i t y s o l d a t a u c t i o n t o d a y $100 m i l l i o n p a r v a lu e o f 1 1 9 -d a y d i s c o u n t n o t e s a t an a v e r a g e p r i c e o f 9 7 .6 6 5 , -which r e s u l t s i n a r a t e o f d i s c o u n t o f 7 *0 6 U p e r c e n t p e r annum on a 3 6 0 -d a y "b a s is . The n o t e s a r e d a t e d May 3 1 , 1973 and m atu re on S e p te m b e r 2 7 , 1 9 7 3 . A c c e p t e d b i d s r a n g e d fro m a h ig h p r i c e o f 9 7 .6 8 6 d i s c o u n t ) t o a lo w o f 9 7 * 6 5 ^ ( 7 .0 9 7 p e r c e n t d i s c o u n t ) . ( 7 .0 0 0 p e r c e n t F orty p e rce n t o f t h e t o t a l amount b i d f o r a t t h e lo w p r i c e was a c c e p t e d . r e c e i v e d w ere $398 m i l l i o n , o f w h ich $100 m i l l i o n w ere a c c e p t e d . T o ta l b id s Alfred Hayes, President.
@FedFRASER