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Tampa Electric extends exchange offer, increases coupon for new notes
By Angela McDaniels
Tacoma, Wash., Dec. 1 - Tampa Electric Co. amended the exchange offer for its $250 million of 6.875% notes due 2012 and $400 million of 6.375% notes due 2012, according to a company news release.
The changes include the following:
• The interest rate on the new notes was increased to 5.4% from 5.1%;
• The early participation date was extended to 5 p.m. ET on Dec. 7 from Nov. 30. It was previously extended from Nov. 22;
• The settlement date for notes tendered by the early participation date was extended to Dec. 9 from Dec. 6;
• The expiration date was extended to 11:59 p.m. ET on Dec. 14 from Dec. 8;
• The regular settlement date was extended to Dec. 15 from Dec. 9; and
• The conditions to the exchange offer have been amended to include a new condition that the company receives tenders of at least $250 million principal amount of old notes by the early participation date.
Holders will receive $1,000 principal amount of new 5.4% notes due 2021 for each $1,000 principal amount of old notes exchanged. This includes a premium of $30 principal amount of new notes for each note tendered by the early participation date.
The company will also pay accrued interest.
The offer began on Nov. 9 and is being made only to noteholders who are qualified institutional buyers, as defined by Rule 144A under the Securities Act, or who are not U.S. persons, as defined by Regulation S under the Securities Act.
The electric subsidiary of TECO Energy Inc. is based in Tampa, Fla.
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