LSB Industries noteholder converts remaining outstanding 7% convertibles

By Angela McDaniels

Seattle, April 27 - LSB Industries, Inc. said that Jayhawk Institutional Partners, LP, the owner of the last remaining $1 million outstanding of the company's 7% convertible senior subordinated debentures due 2011, converted its debentures.

The debentures were converted into 141,040 shares of LSB's common stock at the rate of 141.04 shares per $1,000 principal amount of debentures, which equals a conversion price of $7.09.

The company's shares (Amex: LXU) closed at $17.00 on Thursday.

In connection with the conversion, the company agreed to pay to Jayhawk $35,000, which equals the interest due in September on the $1 million debentures.

All $18 million of the company's debentures have now been converted, according to a company news release.

LSB is an Oklahoma City-based company that manufactures and sells geothermal and water source heat pumps and air handling and chemical products.

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