LSB Industries buys back $4 million more 5.5% convertibles

By Susanna Moon

Chicago, Nov. 24 - LSB Industries, Inc. purchased $4 million of its 5.5% convertible senior subordinated debentures due 2012 for $2.56 million plus accrued interest, according to an 8-K filing with the Securities and Exchange Commission.

The company has purchased $15 million principal amount of the convertibles under approval granted by its board of directors on March 11. There is $45 million outstanding.

The notes are convertible at 36.4 common shares per $1,000 principal amount of the notes, or at a rate of $27.47 per share. The closing price of the company's stock (NYSE: LXU) was $6.90 per share on Nov. 21.

The purchase was funded from working capital.

LSB is an Oklahoma City-based manufacturer of climate-control products.

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