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F E D ER A L RESERVE BANK O F N E W YORK F isca l Agent of the United States for the T en n essee V alley Authority O ctob er 2 3 , 1 9 7 3 RESULTS OF BIDDING FOR TVA POWER NOTES To Certain Commercial Banks, Trust Companies, and D ealers in Investment S ecu rities: 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 en n essee V a l l e y A u t h o r it y s o l d a t a u c tio n to d a y $90 m i l lio n par v a lu e o f 1 2 6 -d a y d is c o u n t n o t e s a t an a v erag e p r i c e o f 9 7 -*+l 8 , v h ic h r e s u l t s in a r a t e o f d is c o u n t o f 7 -3 7 7 p e r c e n t p er annum on a 3 6 0 -d a y b a s i s . The n o t e s a re d a ted O ctob er 2 5 , 1 9 7 3 and m ature on F ebruary 2 8 , 197*+• A c ce p te d b i d s ran ged from a h ig h p r i c e o f 9 7 .*+88 ( 7 .1 7 7 p e r c e n t d is c o u n t) to a low o f 97.3*+*+ (7 * 5 8 9 p e r c e n t d i s c o u n t ) . p e r c e n t o f th e t o t a l F o r ty -fiv e amount b i d f o r a t th e low p r i c e was a c c e p te d . T o t a l b i d s r e c e i v e d were $531 m i l l i o n , o f w hich $90 m i l l i o n were a c c e p te d . Alfred Hayes, P r e s id e n t.
@FedFRASER