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Semco exchanges $11.98 million of preferreds for stock, cash
New York, May 22 - Semco Energy, Inc. said it agreed to exchange $11.98 million of its 5% series B convertible cumulative preferred stock for common shares and cash.
The Port Huron, Mich., natural gas utility will issue 689,996 shares of common stock and pay $7.588 million of cash in exchange for 59,900 shares of the preferreds, according to an 8-K filing with the Securities and Exchange Commission.
Semco previously announced on April 25 that it exchanged $10.177 million of its 5% series B convertible cumulative preferred stock for 865,028 shares and $4.999 million of cash in a transaction with Linden Capital LP.
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