|
Michigan Consolidated Gas Co., 6.85% Senior Insured Qrtly Notes due 2039
Ticker Symbol: MNCGP* CUSIP: 594457400 Exchange: OTOTC
* NOTE: This security is no longer trading as of 11/05/2004
Security has been Called for: Friday, November 5, 2004
Oct. 6, 2004 -- Michigan Consolidated Gas Co. today announced its intention to redeem all $52,219,000 of its outstanding 6.85 percent Senior Secured Insured Quarterly Notes due June 1, 2038 and all $55 million of its outstanding 6.85 percent Senior Notes due June 1, 2039. The securities will be called for redemption Nov. 5 at a price of 100 percent of the principal amount thereof plus accrued and unpaid interest from Sept. 1, 2004 at a rate of $12.177778 for each $1,000 principal amount and $.304444 for each $25 principal amount respectively.
|
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Michigan Consolidated Gas Co., 6.85% Senior Secured Insured Quarterly Notes due 6/01/2039, issued in $25 denominations, redeemable at the issuer's option on or after 6/01/2004 at $25 per share plus accrued and unpaid interest, maturing 6/01/2039, distributions of 6.85% ($1.7125) per annum are paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the 15th day of the month prior to the payment date. The timely payment of principal and interest is insured by a financial guaranty insurance policy issued by MBIA Insurance Corp. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are "fall-away mortgage" debt and are secured debt as long as MichCon's other first mortgage bonds are outstanding and become senior unsecured debt afterwards. At the IPO, the notes were rated AAA or its equivalent by the major rating agencies. See the IPO prospectus for further information on the notes by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (DTE)
IPO - 6/9/1999 - 2.20 Million Notes @ $25.00/note.
Link to IPO Prospectus
Market Value $56.3 Million
|
Company's Online Information Links
|
| 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
|
313-235-8030
|
| Toll Free Phone Number |
800-551-5009 |
| CEO - Gerard M. Anderson |
CFO - David E. Meador |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
