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Published on 9/24/2009 in the Prospect News Special Situations Daily.

Terra Industries may pay dividend of $7.50 per share in fourth quarter

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Terra Industries Inc. said it expects to declare and pay a special cash dividend of $7.50 per share in the fourth quarter of 2009, returning a total of about $750 million to shareholders.

According to Terra, the special dividend is subject to the successful completion of a tender offer for its 7% senior notes due 2017 as well as completion of $600 million in debt financing.

Terra is a Sioux City, Iowa, nitrogen products company.


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