|
Exhibit
99.1
FOR IMMEDIATE RELEASE
TECO ENERGY ANNOUNCES AGREEMENT TO
SELL TECO TRANSPORT CORPORATION
Tampa, Florida –
October 29, 2007 – TECO Energy today announced the
execution of a definitive agreement to sell TECO Transport
Corporation to an investment group led by Greenstreet Equity
Partners, L.P., a Miami-based private equity firm founded by Steven
Green, the former U.S. Ambassador to Singapore, and Jeffrey
Safchik, for a purchase price of $405 million, subject to working
capital adjustment. Net proceeds, taking into consideration
estimated transaction-related costs, including state and federal
taxes, are expected to be approximately $370-380
million.
Chairman and CEO Sherrill Hudson said,
“Today’s announcement concludes the evaluation of
strategic alternatives for TECO Transport that we announced earlier
this year. We are pleased with the outcome and believe that it is
in the best interest of all concerned. It is the best alternative
for TECO Energy’s shareholders – allowing us to
accelerate our debt retirement plan, strengthen our balance sheet
and focus on our utility businesses. In addition, we hope the
completion of this sale will accelerate improvement of TECO
Energy’s credit ratings. It also puts TECO Transport
Corporation in the hands of an investor able to focus on and deploy
the future capital needed to grow this business.”
The definitive agreement has various
conditions that must be satisf
|
