JACKSON, Mich., Oct. 22, 2003 — CMS Energy has sold for nearly $56 million the Southern Union common stock it received in the $1.8 billion sale of the CMS Panhandle Companies, the company announced.
CMS Energy received about $584 million in cash and three million shares of Southern Union common stock when the Panhandle sale closed on June 11, 2003.
Southern Union also assumed about $1.16 billion of debt outstanding at the Panhandle Companies.
A Southern Union stock dividend added 150,000 shares to CMS Energy’s total. A single investor bought all of the shares for $17.77 apiece in a negotiated purchase that closed today.
The company will use the proceeds to reduce debt.
CMS Energy is an integrated energy company, which has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, and independent power generation.
For more information on CMS Energy, visit : www.cmsenergy.com