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News Release

Tampa Electric Company completes replacement credit facility

TAMPA, October 22, 2004

$275 million multi-year facilities now in place

TECO Energy, Inc. (NYSE:TE) today announced that its regulated utility subsidiary, Tampa Electric Company, has, effective today, replaced its expiring 364-day $125 million bank credit facility with a new $150 million three-year bank credit facility.  A group of ten banks participated in the new credit facility led by Citigroup Global Markets Inc.

Executive Vice President-Finance and CFO Gordon Gillette said, “Tampa Electric now has in place $275 million of multi-year credit facilities.  We appreciate the strong support we received from our important banking relationships in completing this transaction.” 

The new facility replaces the company’s $125 million 364-day bank credit facility, which was due to expire in November 2004.  Tampa Electric’s $125 million existing 3-year credit facility and the new $150 million 3-year credit facility mature in November 2006 and October 2007, respectively.  The credit facilities have two financial covenants, EBITDA-to-interest and debt-to-capital.

Additional financial information regarding TECO Energy and Tampa Electric is available at TECO Energy's web site at

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.

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