Semco Energy greenshoe exercised, raising convertible preferreds to $70 million

By Caroline Salls

Pittsburgh, March 22 - Semco Energy Inc. said the underwriters of its recent offering of 5% series B convertible cumulative preferred stock exercised the $5 million over-allotment option in full, raising the size of the deal to $70 million.

The Port Huron, Mich.-based gas utility originally priced $65 million of the securities after the close on March 9 to yield 5% with a 27.5% initial conversion premium.

Credit Suisse First Boston was the bookrunner for the Rule 144A/Regulation S deal.

Proceeds will be used to repurchase, redeem, repay or retire junior capital and other subordinated debt or for general corporate purposes.

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