The company priced the offering of 15.5 million shares at $18.10 a share. The offering includes a 30-day option for underwriters to purchase up to 2.325 million additional shares.
TECO expects the offering to close on July 8 and to yield net proceeds of approximately $271 million. The company will use part of these proceeds to fund its acquisition of New Mexico Gas.
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The stock was down 0.98% to $18.19 at 9:59 a.m.
Separately, TheStreet Ratings team rates TECO ENERGY INC as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TECO ENERGY INC (TE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: