Terra Industries to redeem up to 35% of 11½% notes with proceeds from $75 million convertible

Pittsburgh, Oct. 7 - Terra Industries Inc. will use proceeds from its offering of $75 million of series A cumulative convertible perpetual shares to redeem up to 35% of its existing 11½% second-priority senior secured notes due 2010, according to a company news release.

The proceeds will also be used for general corporate purposes, the release said.

Terra Industries is a Sioux City, Iowa-based producer of nitrogen products.

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