Tampa Electric Company Announces Plans to Refinance Tax-Exempt Auction Rate Bonds.TAMPA, Fla. -- Tampa Electric Company announced today a plan to purchase and refinance all of its $286.8 million of tax-exempt bonds currently in auction rate mode. Tampa Electric Company (the "company") notified The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company, N.A., the trustee for the tax-exempt auction rate bonds issued for the benefit of the company by the Hillsborough County Hillsborough County is the name of two counties in the United States:
A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities. As of December 31, 2007, the company had liquidity of approximately $462 million, consisting of approximately $450 million in the aggregate available undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely on its two credit facilities and approximately $12 million in cash and cash equivalents. With respect to the company's remaining tax-exempt auction rate bonds, the $85.95 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2006, the company plans to convert such bonds on or after March 19, 2008 to a fixed-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds, which allows for their conversion from an auction rate mode to other interest rate modes. About Tampa Electric Tampa Electric is the principal business of TECO Energy, Inc. (NYSE NYSE See: New York Stock Exchange :TE), an integrated energy-related holding company with regulated utility businesses, complemented by unregulated businesses. In addition to the regulated operations of Tampa Electric and Peoples Gas System, other subsidiaries are engaged in coal production, and electric generation and distribution and unregulated energy related businesses in Guatemala. NOTE: This press release contains forward-looking statements about the completion and timing of the refinancing plans, which are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could impact actual results. Additional information is contained under "Risk Factors" in TECO Energy, Inc.'s Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December 31, 2006, as updated by the information contained in Item 1A of TECO (Text Editor and COrrector) A text editor written in 1963 by Dan Murphy at MIT for editing paper tape on a Digital PDP-1 computer (it was originally called "Tape Editor and Corrector"). Energy's Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ended June 30, 2007 and September 30, 2007. |
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