SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 16, 2000
TECO ENERGY, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 1-8180 59-2052286
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) Number) Identification
No.)
702 North Franklin Street, Tampa Florida 33602
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (813) 228-4111
Page 1
Item 5. Other Events
See the Press Release dated Feb. 16, 2000, filed as Exhibit
99.1 and incorporated herein by reference, announcing that TECO
Energy, Inc. has entered into an agreement to form a joint
venture which combines its Peoples Gas Company propane operations
with that of three other companies.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated Feb. 16, 2000.
Page 2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: Feb. 16, 2000 TECO Energy, Inc.
By:/s/ G. L. Gillette
G. L. Gillette
Vice President-Finance,
and Chief Financial Officer
(Principal Financial Officer)
Page 3
Page 3
INDEX TO EXHIBITS
Exhibit No. Description of Exhibits Page No.
99.1 Press Release dated Feb. 16, 2000 5
Page 4
Exhibit 99.1
[TECO Energy Logo]
FOR IMMEDIATE RELEASE
CONTACT: Laura Plumb
Work: 813.228.1572
Home: 813.259.9919
E-mail: [email protected]
TECO ENERGY TO JOIN FORCES WITH THREE OTHER COMPANIES
TO CREATE NATIONAL PROPANE OPERATION
Tampa, Fla., February 16, 2000 TECO Energy, Inc. (NYSE: TE) today
announced that it has entered into an agreement to form a joint venture which
combines its Peoples Gas Company propane operations with the propane
operations of Atmos Energy Corporation (NYSE: ATO), Dallas, Texas; AGL
Resources, Inc. (NYSE: ATG), Atlanta, Ga.; and Piedmont Natural Gas Company,
Inc. (NYSE: PNY), Charlotte, N.C.
The combined entity, to be named US Propane, L.P., will be among the 10
largest propane retailers in the nation, with nearly 200,000 customers.
Focused on the Southeast, US Propane will have operations in Alabama, Florida,
Georgia, Kentucky, North Carolina, South Carolina and Tennessee.
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TECO Energy - 2
This transaction is subject to regulatory approval for one of the
proposed participants and other customary conditions. The participating
companies expect this transaction to be completed by May 1, 2000. They are
being advised in the transaction by Paine Webber, Inc.
This union allows Peoples Gas Company and the other participating
companies to improve their regional competitiveness and target growing to be
one of the top retail propane providers in the country, said TECO Energy
Chairman and Chief Executive Officer Robert Fagan. It s a major opportunity
for each of us to fully realize the potential of our propane businesses.
We believe the combination will enhance customer service while
providing growth opportunities for our employees and long-term value for our
shareholders, added Fagan. And, our customers will continue to receive the
high quality service they have come to expect from Peoples Gas under the US
Propane umbrella.
A nationwide search for a chief executive officer to establish US
Propane and lead its growth is currently underway. The company has
tentatively selected Nashville for its headquarters.
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TECO Energy 3
TECO Energy, Inc. is a diversified, energy-related utility holding
company based in Tampa. In addition to Peoples Gas Company, its principal
businesses include Tampa Electric, Peoples Gas System, TECO Power Services,
TECO Transport, TECO Coal, TECO Coalbed Methane, and Bosek, Gibson and
Associates.
This press release contains forward-looking statements, which are subject to
inherent uncertainties in predicting future results and conditions. Certain
factors that could cause actual results to differ materially from those
projected in these forward-looking statements include the ability to:
successfully complete the joint venture transaction; effectively integrate the
different operations; recruit qualified personnel, including a CEO;
successfully compete against established national and regional propane
operations; and effect transactions that will contribute to the growth of the
business.
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