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MCN Financing II, 8 5/8% TruPS Trust Preferred Securities
Ticker Symbol: MCN-S* CUSIP: 55270G200 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/15/2004
Security has been Called for: Thursday, January 15, 2004
Dec 15, 2003 -- DTE Enterprises (formerly known as MCN Energy Group Inc.) today announced its intention to redeem all 4,000,000 Securities of MCN Financing II 8-5/8 percent Trust Preferred Securities (TRUPS(R)). The securities will be called for redemption on January 15, 2004 at a price of $25 per security plus any accrued and unpaid distributions.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MCN Financing II, 8 5/8% Trust Preferred Securities (TruPS), liquidation amount $25 per share, guaranteed by MCN Corp., now a wholly owned subsidiary of DTE Energy Co. (NYSE: DTE), redeemable at the issuer's option on or after 11/15/2003 at $25 per share plus accrued and unpaid dividends, maturing 11/15/2038, distributions of 8 5/8% per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record one business day prior to the payment date while the securities remain in book-entry form. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 8 5/8% Junior Subordinated Deferrable Interest Debentures due 11/15/2038 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (DTE)
IPO - 11/17/1998 - 4.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $101.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One Energy Plaza, Detroit, Michigan 48226 |
| Main Phone Number |
313-235-4000 |
| Fax Number |
313-235-0611 |
| Investor Relations
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313-235-8030
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| Toll Free Phone Number |
800-551-5009 |
| CEO - Gerard M. Anderson |
CFO - David E. Meador |
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