PORT HURON, Mich., March 22, 2005 /PRNewswire-FirstCall via COMTEX/ -- SEMCO ENERGY, Inc.
(NYSE: SEN) announced today that it has completed the sale of 25,000
additional shares of the Company's 5% Series B Convertible Cumulative
Preferred Stock, which will generate gross proceeds to the Company of
approximately $5 million. On March 15, 2005, SEMCO ENERGY completed an
offering of 325,000 shares of preferred stock and the additional shares of
preferred stock were sold pursuant to the exercise of an option by the initial
purchasers. The offering was made to qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933 (the "Act") and to persons in
offshore transactions in reliance on Regulation S under the Act.
Proceeds from the sale of the 25,000 additional shares of preferred stock
will be used to repurchase, redeem, repay or retire junior capital and other
existing subordinated indebtedness or for general corporate purposes.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of these securities. These securities have not been
registered under the Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Act and applicable
SEMCO ENERGY, Inc. distributes natural gas to approximately 398,000
customers combined in Michigan, as SEMCO ENERGY GAS COMPANY, and in Alaska, as
ENSTAR Natural Gas Company. It also owns and operates businesses involved in
propane distribution, intrastate pipelines and natural gas storage in various
regions of the United States.
The following is a "Safe-Harbor" statement under the Private Securities
Litigation Reform Act of 1995. This release contains forward-looking
statements that involve risks and uncertainties. Statements that are not
historic facts, including statements about the Company's outlook, beliefs,
plans, goals and expectations, are forward-looking statements. Factors that
may impact forward-looking statements include, but are not limited to, the
effects of weather, the economic climate, competition, commodity prices,
changing conditions in the capital markets, regulatory approval processes,
success in obtaining new business, success in defending claims against the
Company, and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.
Analysts Contact: Thomas Connelly, Director Treasury and Investor Relations,
+1-248-458-6163, or Media Contact: Timothy Lubbers, Director of Marketing and
Corporate Communications, +1-810-887-4208, both of SEMCO ENERGY, Inc.