TECO Energy Inc. has entered into an agreement with Cambrian Coal Corp. to modify the terms of the Securities Purchase Agreement (SPA) dated Oct. 17, 2014, related to the sale of TECO Coal, TECO Energy announced.
Under this amendment, the SPA is subject to termination by either party if the specified closing conditions are not met by Feb. 20, 2015, rather than Dec. 31, 2014, as originally specified.
“This agreement best positions us to execute our strategy to exit the coal business in as expeditious a manner as is reasonable while still receiving fair value for TECO Coal,” said John Ramil, CEO of TECO Energy.
The specifics of the amendment were filed with the SEC in the form of a Current Report on Form 8-K on this date.
TECO Energy Inc. is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves more than 700,000 customers in West Central Florida; Peoples Gas System serves more than 350,000 customers across Florida; and New Mexico Gas Co. serves more than 513,000 customers across New Mexico. Other TECO Energy subsidiaries include TECO Coal, which owns and operates coal-production facilities in Kentucky, Tennessee and Virginia.