Southern Union to buy back 7.55% preferreds

By Susanna Moon

Chicago, May 23 - Southern Union Co. said its board of directors authorized a program to repurchase a portion of the depositary shares representing ownership of its 7.55% non-cumulative preferred stock, series A.

The depositary shares, each representing one-tenth of a share of the preferreds, are traded on the New York Stock Exchange under the symbol "SUG PrC," with market value of about $220 million.

Repurchases will be made at the company's discretion from time to time in the open market and through private deals, subject to market conditions, applicable legal requirements and other factors, according to a press release.

Southern Union said it can redeem all of the depositary shares at any time after Oct. 8.

The Houston-based natural gas company said it plans to pay $25 per Depositary Share plus accrued dividends.

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