TECO Energy selling $250 million three-year floaters Tuesday

By Aleesia Forni

Virginia Beach, April 7 – TECO Energy Inc. is in the market on Tuesday with a $250 million offering of three-year floating-rate notes, according to an informed source.

The notes will be issued through the TECO Finance Inc. unit. TECO Energy is the guarantor.

Proceeds will be used to retire TECO Finance’s 6.75% notes due May 2015, to repay borrowings under TECO Finance’s revolving credit facility and for general corporate purposes.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

The energy holding company is based in Tampa, Fla.

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