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News Breaks
January 28, 2013
06:54 EDTTETECO Energy upgraded to Neutral from Sell at UBS
UBS upgraded TECO Energy based on higher cash flows from the sale of non-core assets, modest share buybacks, and potential positive outcome in Florida rate relief. Price target raised to $17.50 from $15.
News For TE From The Last 14 Days
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October 21, 2014
10:00 EDTTEOn The Fly: Analyst Upgrade Summary
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07:00 EDTTETECO Energy upgraded to Neutral from Underperform at Macquarie
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05:38 EDTTETECO Energy upgraded to Equal Weight from Underweight at Barclays
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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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