Terra Industries issues stock in exchange for 96,900 4.25% convertible preferreds

By Jennifer Chiou

New York, Sept. 12 - Terra Industries Inc. said it entered into agreements to exchange a total of 96,900 4.25% series A cumulative convertible perpetual preferred shares for 9,728,816 common shares, according to an 8-K filing with the Securities and Exchange Commission.

The Sioux City, Iowa, fertilizer company said that the individually negotiated transactions took place from Tuesday to Thursday.

Terra Industries said that the common shares were issued based on a conversion rate of 100.4016 shares per preferred share.

Holders also received a cash payment to adjust for dividends and as an inducement for the conversion.

Following these transactions, 23,100 preferred shares will remain outstanding.

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