Published: March 15, 2010
TECO Energy Announces Closing of Public Offering of $550 Million of Notes
TAMPA, Fla. - (BUSINESS WIRE) - TECO Energy, Inc. (NYSE:TE) ("TECO Energy" ) announced today that its
wholly owned subsidiary, TECO Finance, Inc. ("TECO Finance" and together
with TECO Energy, the "Companies" ), has closed on the sale of $550
million of its notes in an underwritten public offering. The offering
consists of $250 million of 4.00% notes due 2016 and $300 million of
5.15% notes due 2020. The 2016 notes were priced at 99.594% of the
principal amount to yield 4.077% to maturity, and the 2020 notes were
priced at 99.552% of the principal amount to yield 5.208% to maturity.
The offering resulted in net proceeds to the Companies of approximately
$543.5 million. The Companies intend to use a portion of these net
proceeds to fund the cash purchase of certain notes issued by the
Companies that are tendered pursuant to the tender offers previously
announced on February 22, 2010 and made pursuant to the Offer to
Purchase, dated February 22, 2010 and as modified by our press release
on March 4, 2010 (the "Offer to Purchase" ), and which tender offers are
currently set to expire at 11:59 p.m., New York City time, on Friday,
March 19, 2010.
The closing of the offering satisfies one of the conditions of the
tender offers, the financing condition, as set forth in the Offer to
Purchase.
This press release is for informational purposes only and is neither an
offer to purchase nor a solicitation of an offer to sell notes. The
offers to purchase the notes are only being made pursuant to the tender
offer documents, including the Offer to Purchase, that TECO Energy and
TECO Finance distributed to holders of notes. The tender offers are not
being made to holders of notes in any jurisdiction in which the making
or acceptance thereof would not be in compliance with the securities or
other laws of such jurisdiction.
About TECO Energy
TECO Energy, Inc. (NYSE: TE) is an energy-related holding company. Its
principal subsidiary, Tampa Electric Company, is a regulated utility in
Florida with both electric and gas divisions (Tampa Electric and Peoples
Gas System). Other subsidiaries include TECO Coal, which owns and
operates coal production facilities in Kentucky and Virginia, and TECO
Guatemala, which is engaged in electric power generation and
distribution and energy-related businesses in Guatemala.
About TECO Finance
TECO Finance is a wholly owned subsidiary of TECO Energy whose business
activities consist solely of providing funds to TECO Energy for its
diversified activities. TECO Finance does not, and will not, file
separate reports with the SEC.
NOTE: This press release contains forward-looking statements about
the tender offers and the Companies' intentions to use the net proceeds
from the offering, which are all subject to the inherent uncertainties
in predicting future results and conditions. Additional
information is contained under "Risk Factors" in TECO Energy, Inc.'s
Annual Report on Form 10-K for the period ended December 31, 2009.
TECO Energy, Inc.
Investors: Mark Kane, 813-228-1772
or
Media:
Rick Morera, 813-228-4945
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