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LSB Industries, Inc. reports developments in its ammonia and ammonia-related chemical business for agricultural, industrial and mining end markets. The company manufactures ammonia, ammonium nitrate, nitric acid and urea ammonium nitrate, with facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and an operated facility in Baytown, Texas.
Recurring news covers quarterly operating results, product sales by AN and nitric acid, UAN and ammonia, market conditions for fertilizer and mining explosives, product-volume outlooks, investor conference participation and board governance changes. Company updates also discuss demand drivers such as corn fertilizer application, copper and gold mining activity, industrial nitric acid demand and North American ammonium nitrate supply conditions.
LSB Industries (NYSE: LXU) has successfully completed its private offering of $500 million in 6.250% Senior Secured Notes due 2028. The net proceeds will be utilized to fully redeem $435 million of existing 9.625% Senior Secured Notes due 2023 and cover associated fees. The redemption is set for October 29, 2021. This offering strengthens LSB's financial position by lowering interest obligations. The notes were sold under Rule 144A and Regulation S, ensuring compliance with securities laws.
LSB Industries, Inc. (NYSE: LXU) faced a halt in trading on October 12, 2021, due to inaccurate information about a stock dividend paid on October 8, 2021. The NYSE initially stated that all 79.4 million shares would receive a 0.30 share dividend, but only 30.4 million shares were eligible. This misinformation caused a 30% drop in stock price on October 11, 2021. The NYSE later corrected its notice, reducing the impact of the stock dividend on prices to an approximate 11.5% increase in shares outstanding. LSB currently has around 88.6 million shares outstanding.
LSB Industries, Inc. (NYSE: LXU) announced a trading halt on its common stock due to a stock price adjustment related to 49,066,005 shares issued to LSB Funding LLC. These shares did not qualify for a dividend because they were not outstanding on the record date of September 24, 2021. The company is currently collaborating with the NYSE to resolve this situation and facilitate the resumption of trading.
LSB Industries, Inc. (NYSE: LXU) priced its offering of $500 million in senior secured notes due 2028 at an interest rate of 6.250%. The notes will be guaranteed by LSB’s subsidiaries and secured by a substantial portion of its assets. The proceeds will primarily be used to redeem $435 million of existing 9.625% senior secured notes due 2023 and cover related expenses. The redemption is scheduled for October 29, 2021. This offering aims to improve LSB's financial position amidst market uncertainties.
LSB Industries (NYSE: LXU) announced the closing of an Exchange Transaction with Eldridge Industries to convert $310 million in preferred stock into common stock. The transaction was approved on September 22, 2021, and involved an exchange price of $6.16 per share. A special dividend of 0.30 shares of common stock per existing share will be distributed to stockholders on October 8, 2021. Following the transaction, approximately 88.9 million shares will be outstanding, with Eldridge holding 61%.
LSB Industries, Inc. (NYSE: LXU) plans to offer $500 million in senior secured notes due 2028 in a private placement. Proceeds will be used to redeem $435 million of existing 9.625% Senior Secured Notes due 2023, covering transaction fees, and for general corporate purposes. The offering targets qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. The notes will be fully guaranteed by existing and certain future subsidiaries.
LSB Industries, Inc. (NYSE: LXU) announced the results of its special stockholder meeting, where investors overwhelmingly approved an Exchange Transaction with LSB Funding LLC, an affiliate of Eldridge Industries. About 99% of votes supported the proposals, which included exchanging LSB Preferred Stock for common stock and increasing authorized common stock to 150 million shares. A total of 20.4 million of the 27.1 million common shares voted represented 75.1% of the outstanding shares, confirming strong shareholder support for the company's growth strategy.
LSB Industries, Inc. (NYSE:LXU) has appointed Fred Buonocore as Vice President of Investor Relations, effective September 7, 2021. Buonocore will enhance communication with the investment community, focusing on building relationships with investors and conveying the company's ESG strategies. CEO Mark Behrman expressed confidence in Buonocore’s experience, highlighting ongoing improvements in operations and capital structure. The new investor relations program aims to boost shareholder value by sharing LSB's story more effectively with the broader investment community.
LSB Industries, Inc. (NYSE: LXU) has declared a special stock dividend of 0.3 shares for each outstanding share, payable on October 8, 2021, to holders of record as of September 24, 2021. This dividend is contingent upon the closing of an exchange agreement with LSB Funding LLC. The special meeting for stockholder approval is scheduled for September 22, 2021. The ex-dividend date is October 12, 2021.
LSB Industries has scheduled a special meeting on September 22, 2021 for stockholders, with an August 2, 2021 record date. The meeting aims to discuss an exchange agreement with Eldridge Industries to convert $310 million of preferred stock into common stock, at a price of $6.16 per share. Stockholders will receive a special dividend of 0.30 shares for each owned share. This transaction could eliminate existing financial burdens, provide improved financial flexibility, and maintain tax attributes, enabling growth in sectors like green ammonia.