Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Michigan Consolidated Gas Company Deal - Lehman Brothers Collection

Michigan Consolidated Gas Company

Company Deal$30,000,000 first mortgage bonds, 10% series due 1995
Transaction TypeFirst Mortgage Bonds
Deal DescriptionMichigan Consolidated Gas Company used the net proceeds from this transaction to retire outstanding notes payable to banks maturing August 14, 1970, to pay a portion of 1970 construction costs, and to reimburse the treasury for funds used on an interim basis to prepay notes payable to banks, thus making funds available for construction. The notes payable to banks were incurred to partially finance the company's construction program and the funds used in partial prepayment of these notes were provided by the sale in February 1970 of the company's common stock to its parent, American Natural Gas Company, and internal sources.
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