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LSB buys back $3.75 million 5.5% convertible debentures due 2012
By Devika Patel
Knoxville, Tenn., March 19 - LSB Industries, Inc. repurchased another $3.75 million of its 5.5% convertible senior subordinated debentures due 2012 on March 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company paid $2.71 million plus accrued interest, which was funded from working capital.
As a result of the buyback, $36.75 million of the notes remains 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 $8.23 per share on March 17.
LSB is an Oklahoma City-based manufacturer of climate-control products.
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