LSB Industries to buy back ThermaClime's 10¾% notes

By Jennifer Chiou

New York, May 9 - LSB Industries, Inc. said it will use the proceeds of its recent sale of $18 of 7% convertible senior subordinated debentures due 2011 to fund the repurchase of subsidiary ThermaClime's $13.3 million of 10¾% senior unsecured notes due 2007, according to a 10-Q filing with the Securities and Exchange Commission.

As of May 1, $7.1 million of the proceeds have been used to repurchase the notes, including accrued interest of $0.2 million.

The company completed the private placement of 7% convertibles in March.

The company said it remaining proceeds will be used to purchase other higher interest rate debt and for general corporate purposes.

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