TECO Energy completes sale of $400 million of securities
TAMPA, January 15, 2002
TECO Energy, Inc. (NYSE: TE) today reported that it has completed the previously announced sale of $400 million of mandatorily convertible securities, now traded as TE PRU. Goldman Sachs & Co., serving as the sole underwriter for the transaction, has an over-allotment option to purchase up to an additional $60 million of these securities.
TECO Energy Chief Financial Officer Gordon Gillette said, "This offering is an important step toward strengthening our balance sheet and remaining a strong, investment-grade credit."
TECO Energy intends to use the proceeds to fund capital expenditures, for working capital requirements and for general corporate purposes, including repayment of short-term debt.
TECO Energy is a diversified energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane and TECO Solutions. For more information about TECO Energy and its subsidiaries, visit online: www.tecoenergy.com.
NOTE: This press release does not constitute an offer to sell or solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Goldman Sachs & Co., One New York Plaza, New York, NY 10004. An electronic copy of the prospectus is available on the Securities and Exchange Commission's Web site at www.sec.gov.