TAMPA, Fla. -- (Business Wire)
TECO Energy, Inc. (NYSE:TE) today reported that it has entered into an
underwriting agreement for the sale by the company of 15.5 million
primary shares of its common stock pursuant to an effective shelf
registration statement at a price to the public of $18.10 per share
through underwriters led by Morgan Stanley, Citigroup and JP Morgan as
joint bookrunning managers. The offering is expected to close on or
about July 8, 2014, subject to customary closing conditions.
Net proceeds from the sale are expected to be about $271 million after
expenses and will be used to fund, in part, TECO Energy’s acquisition of
New Mexico Gas Co. and for general corporate purposes. TECO Energy has
also granted the underwriters an option for a period of 30 days to
purchase an additional 2,325,000 shares of common stock on the same
terms and conditions.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities law of any state or
jurisdiction. The offering is being made only by means of a prospectus
supplement and accompanying prospectus forming a part of the effective
registration statement. A copy of the preliminary prospectus supplement
and accompanying prospectus relating to this offering may be obtained
from the offices of Morgan Stanley, Prospectus Department, 180 Varick
Street 2nd Floor, New York, New York 10014, Citigroup Global Markets,
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717 or J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717.
An electronic copy of the final prospectus supplement and accompanying
prospectus will be available from the Securities and Exchange
Commission’s web site at www.sec.gov.
TECO Energy Inc. (NYSE: TE) is an energy-related holding company. Its
principal subsidiary, Tampa Electric Co., is a regulated utility in
Florida with both electric and gas divisions (Tampa Electric and Peoples
Gas System). Tampa Electric serves more than 700,000 customers in West
Central Florida, and Peoples Gas serves more than 350,000 customers in
most of Florida’s major metropolitan areas and beyond. Other TECO Energy
subsidiaries include TECO Coal, which owns and operates coal-production
facilities in Kentucky, Tennessee and Virginia.
NOTE: This press release contains forward-looking statements about
the anticipated completion of the public offering and the company’s
intentions to use the net proceeds from the offering, including the
proposed acquisition of New Mexico Gas Co., which are all subject to the
inherent uncertainties in predicting future results and conditions.Additional
information is contained under “Risk Factors” in TECO Energy, Inc.’s
Annual Report on Form 10-K for the period ended December 31, 2013, and
in the prospectus supplement related to the offering.
Contacts:
TECO Energy, Inc.
News Media:
Cherie Jacobs, 813-228-4945
or
Investor
Relations:
Mark Kane, 813-228-1772
Source: TECO Energy, Inc.
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