By Paul A. Harris
St. Louis, Nov. 15 - TECO Energy, Inc. upsized to $352 million proceeds from $240 million its offering of 10½% five-year senior notes (Baa2/BBB-) and priced them Friday at 92.684 to yield 12½%, according to the company.
Price talk was for a yield in the 12½% area.
"Most of the investors in the deal were high yield," company spokesperson Laura Plumb told Prospect News late Friday.
Proceeds from the Rule 144A deal will be used to refinance the $200 million principal amount of the company's 7% remarketable or redeemable securities due 2015 and pay down credit facility borrowings.
The issuer is a Tampa, Fla.-based energy company.
| Issuer: | TECO Energy, Inc.
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| Amount: | $352 million proceeds, $380 million principal
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| Type of security: | Senior notes
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| Manager: | Credit Suisse First Boston
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| Coupon: | 10½%
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| Price: | 92.684
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| Yield: | 12½%
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| Price talk: | 12½% area
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| Call features: | Make-whole call at T+50 basis points
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| Settlement date: | Nov. 20, 2002
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| Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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