Semco Energy calls $10 million 10.25% trust preferreds

By Caroline Salls

Pittsburgh, March 31 - Semco Energy Inc. said it will redeem $10 million of Semco Capital Trust I's 10.25% trust preferred securities on April 29 at a price of $25 per share.

Following the redemption, a total of 1.2 million of the shares will be outstanding.

The redemption will be funded using a portion of the proceeds from the company's recently issued 5% convertible cumulative preferred stock.

Semco Energy is a Port Huron, Mich.-based natural gas distributor.

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