LSB Industries to issue 720,967 common shares in exchange for 97,428 preferreds

By Jennifer Chiou

New York, Oct. 13 - LSB Industries, Inc. announced that it entered into agreements under which it will issue 720,967 common shares in exchange for 97,428 shares of its $3.25 convertible exchangeable class C series 2 preferred stock.

For the exchange, shareholders have agreed to waive their rights to all accrued dividends, amounting to $2.3 million.

After completion of the exchanges, 506,222 shares of the preferreds will remain outstanding.

The Oklahoma City-based manufacturer of climate-control products noted that after the exchanges, there will remain a total of $11.8 million in unpaid dividends.

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