Terra begins roadshow for $330 million 10-year notes via Citigroup

By Paul A. Harris

St. Louis, Jan. 24 - Terra Capital Inc. started a brief roadshow on Wednesday for its $330 million offering of 10-year senior notes (expected B1//confirmed B+), according to an informed source.

The roadshow concludes on Friday, and the deal is expected to price the same day.

Citigroup has the books for the Rule 144A with registration rights offering.

The notes come with five years of call protection.

Proceeds, together with available cash, will be used to redeem the company's existing 12 7/8% senior secured notes due 2008 and its 11½% second-priority senior secured notes due 2010.

The prospective issuer is a subsidiary of Terra Industries Inc., a Sioux City, Iowa, producer of nitrogen products and methanol.

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