PORT HURON, Mich., Aug. 15 /PRNewswire-FirstCall/ -- SEMCO ENERGY, Inc.
(NYSE: SEN) today announced the closing of its public offering of 4,945,000
shares of common stock, including 645,000 shares issued upon the exercise of
an option granted to the underwriters to cover the over-allotment, at a public
offering price of $6.32 per share. The aggregate gross proceeds of the
offering, including shares issued upon exercise of the over-allotment option,
are $31.3 million, with net proceeds of approximately $30.0 million (after
payment of underwriting discounts and commissions, but excluding estimated
Credit Suisse First Boston LLC acted as lead manager for the offering.
Natexis Bleichroeder Inc. and A.G. Edwards acted as co-managers. Proceeds
from the offering will be used to redeem the Company's outstanding 10.25%
Series A Subordinated Debentures due 2040 held by an unconsolidated capital
trust subsidiary, SEMCO Capital Trust I.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. A shelf registration statement relating to the shares of
common stock that the Company has sold has previously been filed with, and
declared effective by, the Securities and Exchange Commission. Any offer of
shares of common stock will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration statement.
Copies of the final prospectus supplement and accompanying prospectus may be
obtained from Credit Suisse First Boston, Prospectus Department, 1 Madison
Avenue, New York, New York 10010-3629 (212-325-2580).
SEMCO ENERGY, Inc. distributes natural gas to more than 404,000 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 of Investor
Relations, Phone: 1-248-458-6163, or Media Contact: Timothy Lubbers, Director
of Marketing & Corporate Communications, Phone: 1-810-887-4208, both of SEMCO
2330 08/15/2005 13:01 EDT http://www.prnewswire.com