LSB Industries repurchases $1.95 million in 5.5% convertibles

By Devika Patel

Knoxville, Tenn., March 24 - LSB Industries, Inc. bought back another $1.95 million of its 5.5% convertible senior subordinated debentures due 2012 on Friday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company paid $1.46 million plus accrued interest, which was funded from working capital.

As a result of the buyback, $34.8 million of the notes remain 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 was $9.23 (NYSE: LXU) on Thursday.

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

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