Like us on Facebook Follow us on Twitter Bookmark and Share
   
Please enter a search phrase.

News Release

Underwriter exercises overallotment option for additional convertible securities

TAMPA, January 23, 2002

TECO Energy, Inc. (NYSE: TE) today announced that its underwriter, Goldman Sachs & Co., exercised its overallotment option to purchase an additional $49.1 million of TECO Energy’s equity security units originally issued on January 15, 2002. As completed, the total issuance size of $449.1 million will represent 17.965 million equity security units.

Each equity security unit consists of a trust preferred security of TECO Capital Trust II, a Delaware business trust formed by TECO Energy, with a stated liquidation amount of $25 and a contract to purchase shares of common stock of TECO Energy in January 2005 at a price per share based on the market price at the time.

The net proceeds of $435.5 million from the offering will be used to fund capital expenditures, for working capital requirements and for general corporate purposes and, pending such use, to repay short-term indebtedness.

These securities are traded on the New York Stock Exchange under the ticker TE PRU.

A copy of the prospectus can be obtained from Goldman Sachs & Co., One New York Plaza, New York, NY 10004. An electronic copy of the prospectus for this offering is available from the Securities and Exchange Commission’s Web site at www.sec.gov.

Additional information related to the company is available at the Investor Relations section of TECO Energy's web site at www.tecoenergy.com.

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.

Facebook Twitter You Tube Linked In Pinterest Wordpress Instagram