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| TE > SEC Filings for TE > Form 8-K on 22-Dec-2008 | All Recent SEC Filings |
22-Dec-2008
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obliga
On December 18, 2008, Tampa Electric Company ("Tampa Electric"), a wholly-owned
subsidiary of TECO Energy, Inc., and TEC Receivables Corp. ("TRC"), a
wholly-owned subsidiary of Tampa Electric, amended their $150 million accounts
receivable collateralized borrowing facility, entering into Amendment No. 6 to
the Loan and Servicing Agreement with certain lenders named therein and Citicorp
North America, Inc. as Program Agent. The amendment (i) extends the maturity
date to December 17, 2009, (ii) provides that TRC will continue to pay program
and liquidity fees based on Tampa Electric's credit ratings, which pursuant to
the amendment, will total 175 basis points at Tampa Electric's current ratings,
(iii) provides that the interest rates on the borrowings will be based on
prevailing asset-backed commercial paper rates, unless such rates are not
available from conduit lenders, or under certain circumstances upon a change of
accounting rules applicable to the lenders, in which case the rates will be at
an interest rate equal to, at Tampa Electric's option, either Citibank's prime
rate (or the federal funds rate plus 50 basis points, if higher) or a rate based
on the London interbank offer rate (if available) plus a margin and (iv) makes
other technical changes.
The lenders, agents and other parties to the accounts receivable collateralized borrowing facility, and their affiliates, have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking and other advisory services to Tampa Electric, its parent and its subsidiaries. The lenders have received, and may in the future receive, customary compensation from Tampa Electric, its parent or its subsidiaries for such services.
The information in Item 1.01 is hereby incorporated by reference.
(d) Exhibits
99.1 Amendment No. 6 to Loan and Servicing Agreement dated as of December 18, 2008, among TEC Receivables Corp. as Borrower, Tampa Electric Company as Servicer, certain lenders named therein and Citicorp North America, Inc. as Program Agent.
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