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LSB Industries repurchases $2.5 million more 5.5% convertibles
By Jennifer Chiou
New York, Dec. 11 - LSB Industries, Inc. said it has purchased another $2.5 million of its 5.5% convertible senior subordinated debentures due 2012, paying $1.63 million plus accrued interest.
The purchase was funded from working capital.
As a result of the buyback, $40.5 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 $8.81 per share on Thursday.
LSB is an Oklahoma City-based manufacturer of climate-control products.
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