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TECO To Sell Transport Corp.
The Tampa Tribune
TECO is selling off TECO Transport, its ship and barge subsidiary.
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Published: October 29, 2007
TAMPA - TECO Energy said Monday it has agreed to sell TECO Transport Corp., its ship and barge subsidiary, to an investment group led by an affiliate of Greenstreet Equity Partners LP, a Miami-based private equity firm, for $405 million cash.
Net proceeds will range from $370 million to $380 million, TECO said. The money will be used to pay down debt.
The deal is expected to close this year.
TECO Chairman and Chief Executive Officer Sherrill Hudson said the deal, in addition to strengthening the company's balance sheet, could lead to an upgrade in the company's credit rating.
TECO Transport primarily hauls coal, phosphate and other commodities along the Mississippi River and through the Gulf of Mexico.
Reporter Russell Ray can be reached at (813) 250-7870 or rray@tampatrib.com.
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