TECO Energy completes common stock offering, including sale of overallotment shares
TAMPA, March 13, 2001
TECO Energy today announced that it has completed the public offering that was announced in February, selling a total of 8.625 million new common shares. This total includes an overallotment of 1.125 million shares, which the underwriters exercised their option to purchase.
Net proceeds from the offering and the overallotment totaled approximately $232 million. The total offering was priced at $27.75 per share.
TECO Energy Chairman and CEO Bob Fagan said, "We’re extremely pleased with the success of the sale. We’ve attracted a number of new investors with this offering, and the strong price performance after the pricing and exercise of the overallotment indicates a strong demand for our stock. We believe this shows that investors recognize and appreciate the fact that TECO Energy is transforming into a largely unregulated generating company."
Credit Suisse First Boston served as lead manager for the stock offering. Goldman, Sachs & Co., Merrill Lynch & Co., Inc. and UBS Warburg were co-managers in the transaction.
An electronic copy of the final prospectus is available on the Securities and Exchange Commission's Web site at www.sec.gov.
TECO Energy (NYSE: TE) is a diversified, energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane, TECO Propane Ventures and TECO Solutions.