TECO says greenshoe exercised on convertibles offering, raising size to $449.1 million

New York, Jan. 23 - TECO Energy, Inc. said the underwriters of its recent offering of equity security units exercised the over-allotment option, adding $49.1 million to the size of the offering for a total size of $449.1 million.

The Tampa, Fla. energy company originally sold $400 million of the convertibles in an offering priced after the market close on Jan. 9. The three-year mandatory issue came to market at a yield of 9.5% and an initial conversion premium of 14.5%.

Goldman Sachs & Co. was the underwriter.

The greenshoe was for up to $60 million of additional securities.

Net proceeds of $435.5 million from the offering will be used to fund capital expenditures, for working capital requirements and for general corporate purposes, TECO said.

The securities trade on the New York Stock Exchange under the ticker "TE PRU."

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