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):
June 16, 1997
TAMPA ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
FLORIDA 1-5007 59-0475140
(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
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Item 2. Acquisition or Disposition of Assets
On June 16, 1997, TECO Energy, Inc. (TECO Energy), parent of
Tampa Electric Company (the company), completed the merger of
Lykes Energy, Inc. (LEI), a privately held holding company, with
and into TECO Energy. In connection with this tax-free, stock-
for-stock transaction, TECO Energy issued 12.1 million shares of
its common stock with a market value of $300 million in exchange
for all the outstanding common shares of LEI. The merger will be
accounted for as a pooling of interests.
LEI's subsidiaries include Peoples Gas System, Inc. (PGS), a
natural gas distribution utility which serves more than 200,000
customers wholly within peninsular Florida; Peoples Gas Company,
which sells liquefied petroleum gas, or propane, to more than
35,000 customers primarily within peninsular Florida; and a unit
engaged in natural gas marketing.
Contemporaneously with the merger, TECO Energy merged PGS
into the company and plans to operate PGS as a separate division.
In connection with the merger of PGS with and into the company,
the outstanding equity securities of PGS were canceled.
T h e press release announcing the completion of the
transaction is included as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(C) Exhibits
99.1 Press Release dated June 16, 1997.
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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: June 16, 1997 Tampa Electric Company
By:/s/ W. L. Griffin
W. L. Griffin
Vice President-Controller
(Principal Accounting Officer)
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INDEX TO EXHIBITS
Exhibit No. Description of Exhibits Page No.
99.1 Press Release dated June 16, 1997 5
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[TECO Energy Letterhead] FOR IMMEDIATE RELEASE
Contact: Mike Mahoney
Office: 813/228-4271 Home: 813/991-6229
Internet: http://www.tecoenergy.com
TECO ENERGY ACQUIRES LYKES ENERGY;
CORPORATE IDENTITY TAKES ON A NEW LOOK
TAMPA, June 16, 1997 -- TECO Energy, Inc. (NYSE:TE)
today completed its acquisition of Lykes Energy s Peoples
Gas family of businesses. The two companies have merged in a
tax-free, stock-for-stock transaction to be accounted for as
a pooling of interests. TECO Energy issued about 12.1
million shares of common stock having a market value
of $300 million.
Peoples Gas System is the largest natural gas
distribution business in Florida, with more than a 60
percent market share. The company has retail operations in
all of Florida s major metropolitan areas. In 1996, the
company delivered 86 billion cubic feet of natural gas to
its more than 200,000 customers.
Also included in the transaction are Peoples retail
propane business and a unit engaged in natural gas
marketing. The Peoples companies will retain their
identities and operate as separate businesses within TECO
Energy.
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TECO Energy --2
The combination today of our companies significantly
enhances the services we provide customers in Florida, said
Timothy L. Guzzle, TECO Energy chairman and chief executive
officer. It also allows us to expand our participation in
the nation s natural gas industry.
Added Guzzle, The merger boosts TECO Energy s customer
base by 50 percent, bringing almost 250,000 additional
customers to us. In addition, it provides TECO Energy with
first-time entry and immediate access to the growing Florida
energy markets outside of west central Florida.
In conjunction with today s closing, William N.
Cantrell, who to date has guided the transition process, has
been named president of the Peoples Gas companies. Cantrell
joined Tampa Electric in 1975 and held various engineering
and management positions in the company s power plant
engineering, generation planning and environmental areas.
After serving as director of fuels, he was named vice
president of Regulatory Affairs in Nov. 1987, after which he
was elected vice president- Energy Resources Planning in
April 1991. In 1994, he was named vice president-Energy
Supply.
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TECO Energy -- 3
Said Cantrell, The hard work of employees from both
companies over the past six months to accomplish a smooth
transition has been outstanding.
Guzzle said, The combination means TECO Energy now can
provide customers answers to all their energy questions,
whether in therms, gallons, BTUs or kilowatt-hours.
Simultaneous with today s closing, TECO Energy
unveiled graphics associated with a new corporate identity
which Guzzle said, reflects the reality that TECO Energy
today is a broad, diversified energy company serving a wide
range of customer needs.
TECO Energy, Inc. is a diversified, energy-related
utility holding company based in Tampa. Its principal
businesses include Tampa Electric, Peoples Gas, TECO
Transport & Trade, TECO Coal, TECO Power Services, TECO
Coalbed Methane, TECO Oil & Gas, Bosek Gibson & Associates
and TeCom, which is marketing advanced, interactive energy
management, automation and control systems.
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