TECO Energy, lending banks file to approve transfer of Union, Gila River project companies to lending banks
TAMPA, October 1, 2004
TECO Energy, Inc. (NYSE: TE) subsidiaries and the project lending banks filed at the Federal Energy Regulatory Commission (FERC) on September 30 to approve the transfer of the Union and Gila River projects to the lending banks. The filing is in accord with the terms of the agreements between TECO Energy and the banks, which were announced in February and updated in July of this year. The parties have asked FERC to approve the transfer in parallel with other activities toward closing the transaction, including the final bank approval process.
Chairman and CEO Sherrill Hudson said, “This filing, which was made on behalf of TECO Energy and the banking group, is a significant milestone in our utility-focused strategy and keeps us on track to meet our schedule for a late November closing for the transaction.”
In 2004, TECO Energy has taken a number of steps to refocus on its regulated utility businesses and other profitable unregulated units. Those actions include the sale of TECO Energy’s interest in the Guadalupe and Odessa power stations in Texas and the sale of Hamakua Power Station in Hawaii.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with core businesses in the utility sector, complemented by a family of unregulated businesses. Its principal subsidiary, Tampa Electric Company, is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). Other subsidiaries are engaged in waterborne transportation, coal and synthetic fuel production and independent power.