PORT HURON, Mich., March 31 /PRNewswire-FirstCall/ -- SEMCO ENERGY, Inc.
(NYSE: SEN) announced today that 400,000 shares of the 10.25% Trust Preferred
Securities of SEMCO Capital Trust I will be redeemed on April 29, 2005, at a
redemption price of $25.00 per share, for a total principal payment of $10.0
million, plus accrued distributions through the redemption date. A portion of
the proceeds from the sale of the recently issued 5.00% Series B Convertible
Cumulative Preferred Stock will be used to redeem the securities.
A total of 1.6 million shares of the 10.25% Trust Preferred Securities are
currently outstanding. Following the redemption on April 29, 2005, a total of
1.2 million shares of the 10.25% Trust Preferred Securities will be
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.
/CONTACT: 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./
/Web site: http://www.semcoenergy.com /
CO: SEMCO ENERGY, Inc.
IN: OIL UTI
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0116 03/31/2005 16:39 EST http://www.prnewswire.com