Semco Energy exchanges 50,884 5% cumulative preferreds

By Jennifer Chiou

New York, April 19 - Semco Energy, Inc. announced it will issue 865,028 shares and pay $4,999,353 in cash in exchange for 50,884 shares of its 5% series B convertible cumulative preferred stock.

The company will retire $10.2 million notional amount of the preferreds.

The Port Huron, Mich., natural gas distributor privately negotiated the exchange with a preferred stockholder.

The amount of common shares to be issued is based on a price of $5.26 per share, the closing price of Semco Energy shares on April 18.

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