TECO Energy calls all floaters due 2010, some untendered 7.2% notes

By Jennifer Chiou

New York, March 22 - TECO Energy Inc. announced the planned redemption of all $100 million of its floating-rate notes due 2010 and some of its remaining 7.2% notes due 2011.

The floaters will be redeemed on April 14 at par plus accrued interest.

In an offer that ended on March 19, the company accepted tenders for $42,972,000 of the $191,729,000 of 7.2% notes, and TECO Energy said it has called $100 million of the remaining notes for redemption on April 22.

The company will pay the greater of par plus accrued interest or the sum of the present values of the remaining scheduled payments of principal and interest on the notes, discounted to the redemption date on a semiannual basis at a related Treasury rate, plus 25 basis points.

TECO is a Tampa, Fla.-based company engaged in diversified energy-related operations.

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