TECO Energy announces completion of redemption of 8.5% trust preferred securities of TECO Capital Trust I
TAMPA, December 20, 2006
TECO Energy, Inc. (NYSE: TE) announced today that it has completed its previously announced early redemption of the remaining $100 million aggregate liquidation amount of the 8.5% trust preferred securities of TECO Capital Trust I (NYSE: TEPRT). TECO Energy initiated the redemption of the trust preferred securities by redeeming the remaining aggregate principal amount of its underlying 8.5% junior subordinated notes due 2041. The trust preferred securities were redeemed in accordance with their terms at $25 per trust preferred security plus accumulated but unpaid distributions to the December 20, 2006 redemption date. The total aggregate redemption price for the trust preferred securities was approximately $101.18 million, including approximately $1.18 million of accumulated but unpaid distributions. Holders of the securities received $25.30 per redeemed security on December 20, 2006. As a result of this redemption, no trust preferred securities of TECO Capital Trust I remain outstanding and they will therefore be deregistered, suspending TECO Capital Trust I’s reporting obligations under the Securities Exchange Act of 1934, as amended. In addition, the trust preferred securities of TECO Capital Trust I will no longer be listed nor trade on the New York Stock Exchange.
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.