March 17, 2010 (FinancialWire) — Teco Energy, Inc. (NYSE: TE) said that its Teco Finance, Inc. unit has closed on the sale of $550 million of its notes in an underwritten public offering.

The offering consists of $250 million of 4.00% notes due 2016 and $300 million of 5.15% notes due 2020. The 2016 notes were priced at 99.594% of the principal amount to yield 4.077% to maturity, and the 2020 notes were priced at 99.552% of the principal amount to yield 5.208% to maturity.

The offering resulted in net proceeds to the companies of around $543.5 million. The companies said they plan to use a portion of these net proceeds to fund the cash purchase of certain notes issued by the companies that are tendered pursuant to the tender offers previously announced on February 22, 2010 and made pursuant to the Offer to Purchase, dated February 22, 2010 and as modified by our press release on March 4, and which tender offers are currently set to expire on March 19.

Florida-based Teco Energy is an energy-related holding company. Its principal subsidiary, Tampa Electric Co., is a regulated utility in Florida with both electric and gas divisions. Other subsidiaries include Teco Coal, which owns and operates coal production facilities in Kentucky and Virginia, and Teco Guatemala, which is engaged in electric power generation and distribution and energy-related businesses in Guatemala.

Teco Finance’s business activities consist solely of providing funds to Teco Energy for its diversified activities.

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