By Angela McDaniels
Tacoma, Wash., Dec. 15 - Tampa Electric Co. received tenders for $278,495,000 principal amount of notes in the exchange offer for its $250 million of 6.875% notes due 2012 and $400 million of 6.375% notes due 2012, according to an 8-K filing with the Securities and Exchange Commission.
The offer expired at 11:59 p.m. ET on Dec. 14.
All of the notes were tendered by 5 p.m. ET on Dec. 7, the early participation date, and they were purchased on Dec. 9.
As previously reported, holders tendered $131,463,000 of the 6.875% notes and $147,032,000 of the 6.375% notes.
The company issued $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.
The company also paid accrued interest.
The new notes have a make-whole call option at Treasuries plus 25 basis points.
On Dec. 1, the company amended the offer to increase the interest rate on the new notes from 5.1%, extend the early participation date from Nov. 30 and extend the expiration date from Dec. 8. The early participation date was previously extended from Nov. 22.
The offer began on Nov. 9 and was 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.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the lead dealer managers. Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley & Co. Inc. were the co-dealer managers. Global Bondholder Services Corp. was the information agent and exchange agent.
The electric subsidiary of TECO Energy Inc. is based in Tampa, Fla.
| Issuer: | Tampa Electric Co.
|
| Issue: | Notes
|
| Amount: | $278,495,000
|
| Maturity: | May 15, 2021
|
| Coupon: | 5.4%
|
| Price: | Par
|
| Call option: | Make whole at Treasuries plus 25 bps
|
| Settlement date: | Dec. 9
|
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