Partial redemption of 8.5% trust preferred securities of TECO Capital Trust I
TAMPA, November 10, 2005
TECO Energy, Inc. (NYSE: TE) announced today that, as part of its previously reported debt redemption and refinancing plan, it is calling for redemption $100,000,000 aggregate principal amount of its 8.50% Junior Subordinated Notes due 2041 (the "Junior Subordinated Notes").ï¿½ The redemption of the Junior Subordinated Notes will cause the trustee of TECO Capital Trustï¿½I (NYSE: TEPRT) (the "Trust") to call for redemption $100,000,000 liquidation amount of the 8.5% Trust Preferred Securities of the Trust.ï¿½ The amount of Trust Preferred Securities to be redeemed constitutes 50% of the $200 million liquidation amount outstanding of the Trust Preferred Securities.Â The redemption date will be December 20, 2005. The Trust Preferred Securities called for redemption will be redeemed at a redemption price equal to the $25 liquidation amount for each of the Trust Preferred Securities to be redeemed plus accumulated but unpaid distributions to the redemption date.
Notice of redemption is being sent to the registered holder of the Trust Preferred Securities.Â Copies of the notice of redemption may be obtained from The Bank of New York, the trustee for the Trust, at:Â The Bank of New York, Attn: Jeremy Finkelstein, Assistant Treasurer, 101 Barclay Street, 8w, New York, New York 10286 (phone: 212-815-3067).
The Trust Preferred Securities are held only in book-entry form through The Depository Trust Company ("DTC").Â DTC will redeem the securities pro rata in accordance with its procedures and will notify holders.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with regulated utility businesses, 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 electric generation and distribution in Guatemala.