TECO Energy annual report available; Shelf registration statement to be filed with the SEC
TAMPA, March 5, 2002
TECO Energy, Inc. (NYSE: TE) today announced that its 2001 Annual Report to Shareholders will be available on the Investor Relations page of its Web site on or about March 5, 2002.
The annual report includes the letter to shareholders from Chairman, President and CEO Robert Fagan, a narrative discussion of the operating companies, management’s discussion and analysis (MD&A), and financial statements and footnotes.
Senior Vice President-Finance and CFO Gordon Gillette said, “We think investors will find our MD&A clear and understandable and be pleased that we do not make extensive use of derivatives in our energy management group.”
TECO Energy also announced that it expects to file a $1.2-billion universal shelf registration statement with the Securities and Exchange Commission for debt, equity and hybrid securities on or about March 5, 2002. The shelf adds $1.2 billion of new capacity to the approximately $168 million of existing capacity remaining on TECO Energy’s previous shelf registration statement.
“This filing is designed to finance the ongoing activities of TECO Energy and the capital investments of the subsidiaries, and to replace existing debt as it matures. It covers both debt and equity, and it positions TECO Energy to access the capital markets as appropriate when the market conditions are most favorable,” said Gillette.
Gillette added that the filing is consistent with TECO Energy’s previously announced financing plans. It does not represent an increase in the level of expected financing activities and it was sized to allow us maximum flexibility in the company’s capital raising efforts.
The registration statement described above will be filed with the Securities and Exchange Commission, but has not yet become effective. The securities registered under this registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
Note: this communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities will be made by means of a prospectus, a copy of which can be obtained from the underwriters of these securities, the company or its Web site.
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.