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Stock Market & Financial Investment News

News Breaks
January 18, 2013
09:33 EDTTETECO Energy downgraded to Hold from Buy at Gabelli
News For TE From The Last 14 Days
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October 20, 2014
08:35 EDTTETECO Energy to tell mining subsidary
TECO Energy announced that it has signed an agreement to sell its coal mining subsidiary, TECO Coal and its subsidiaries, to Cambrian Coal. The total sales price of $170M includes future contingent consideration of $50M if certain coal benchmark prices reach certain levels over the next five years. The $120M cash base purchase price is subject to post-closing adjustments. The sale is expected to close by year end, subject to the purchasers obtaining financing, and other normal closing conditions. TECO Energy expects to use sale proceeds to repay debt and for general corporate purposes. As a result of the agreement, in Q3, TECO Coal will be classified as an asset held for sale and its operating results will be reported as discontinued operations. TECO Energy will record a non-cash valuation adjustment of approximately $65M, after tax, to the carrying value of TECO Coal to reflect the sales price.

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