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Tampa Electric may repay some bank loans via new notes proceeds
By Susanna Moon
Chicago, Oct. 1 – Tampa Electric Co. may repay some debt under its unsecured credit facility due March 22, 2022 and its accounts receivable credit facility using proceeds of a new offering of fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.
The company said it expects to use the majority of new issue proceeds to repay its $300 million term loan due Nov. 1, 2018 with Wells Fargo Bank, NA as administrative agent.
Interest on the term loan is 2.89%.
The company is a Tampa, Fla.-based subsidiary of TECO Energy, Inc., an energy-related holding company.
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