Redemption of 8.5% Trust Preferred Securities of TECO Capital Trust I
November 14 2006 - 12:15PM
PR Newswire (US)
TAMPA, Fla., Nov. 14 /PRNewswire-FirstCall/ -- TECO Energy, Inc.
(NYSE: TE) today announced that, as part of its previously reported
debt redemption and refinancing plan, it is calling for redemption
of the remaining outstanding 8.50% Junior Subordinated Notes due
2041 (the "Junior Subordinated Notes"). The redemption of the
Junior Subordinated Notes will cause the trustee of TECO Capital
Trust I (NYSE:TEPRT) (the "Trust") to call for redemption all
outstanding 8.5% Trust Preferred Securities (CUSIP No. 87875R208)
of the Trust. The redemption date will be December 20, 2006. 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. These transactions
will result in TECO Energy's redeeming the $100 million aggregate
principal amount of Junior Subordinated Notes underlying the 8.5%
Trust Preferred Securities of the Trust for $100 million plus
accrued but unpaid interest to the redemption date, after which no
8.5% Trust Preferred Securities will remain outstanding. The Trust
Preferred Securities are held only in book-entry form through The
Depository Trust Company ("DTC"). DTC will redeem the securities in
accordance with its procedures and will notify holders. Notice of
redemption is being sent to the registered holder of the Trust
Preferred Securities, DTC. Copies of the notice of redemption may
be obtained from The Bank of New York, the trustee for the Trust,
at: The Bank of New York, Attn: Alexander Pabon, Assistant Vice
President, 101 Barclay Street, 8w, New York, NY 10286 (phone:
212-815-4799). 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. 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. DATASOURCE: TECO Energy, Inc. CONTACT: Media, Laura
Duda, +1-813-228-1572, or Investors, Nadia Yazback,
+1-813-228-1701, both of TECO Energy, Inc. Web site:
http://www.tecoenergy.com/
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