This is the 16th Champions Tour event for Tway, a former PGA Championship winner who will turn 51 next month.
He is tied for the lead with 63-year-old Leonard Thompson, a three-time winner on the circuit.
Nick Price, who is third on the money list, recorded a 70. Leading money winner Fred Couples played at the Quail Hollow Championship on the regular tour this week and missed the cut.
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