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):
APRIL 9, 2003
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
(Address of principal executive offices and zip code)
(813) 228-4111
(Registrant's telephone number, including area code)
ITEM 5. OTHER
On April 9, 2003, TECO Energy, Inc. entered into a Credit Agreement with
Merrill Lynch Bank USA, as Administrative Agent and the financial institutions
parties thereto, which is filed as Exhibit 10.1.
See the Press Release dated April 11, 2003, filed as Exhibit 99.1, and
incorporated herein by reference, announcing the new credit facility, the
meeting by the Company of its cash generation target and outlining steps to
further bolster its financial position.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
10.1 Credit Agreement dated as of April 9, 2003, among TECO Energy,
Inc., Merrill Lynch Bank USA, as Administrative Agent, and the
Financial Institutions parties thereto.
99.1 Press Release dated April 11, 2003.
ITEM 9. REGULATION FD DISCLOSURE
This information is being provided under Item 12 of Form 8-K, "Results of
Operations and Financial Condition." In connection with information provided as
part of a webcast presentation to financial analysts on April 11, 2003, the
company identified for the first quarter ended March 31, 2003 cash from
operations (CFO) of $110 million and asset sales of $80 million, for total CFO
of $190 million. This liquidity outlook for the first quarter is based on TECO
Energy's forecast of liquidity for those periods and does not reflect actual
results. Actual first quarter results will be provided in the company's regular
earnings release. The amounts shown do not represent a cash flow statement
prepared in accordance with generally accepted accounting principles (GAAP).
They differ mainly in presentation from a GAAP cash flow statement (i) by
showing amounts from asset sales as a separate line item rather than in their
cash flow statement categories and (ii) for consistency with past liquidity
information, by accounting for certain investments under the equity method
rather than as consolidated operations, the net effect of which would not change
cash availability. The complete slides used in the presentation can be found on
the company's website at www.tecoenergy.com/pdf/ENte_041103.pdf.
SIGNATURES
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.
Date: April 11, 2003 TECO ENERGY, INC.
By: /s/ S.A. Myers
-----------------------------------
Vice President - Corporate Accounting
and Tax
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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10.1 Credit Agreement dated as of April 9, 2003, among TECO Energy,
Inc., Merrill Lynch Bank USA, as Administrative Agent, and the
Financial Institutions parties thereto. thereto. Lynch Bank
USA, as Administrative Agent and the Financial Institutions
parties thereto.
99.1 Press Release dated April 11, 2003.