LSB Industries, Inc. Announces Completion of $500 Million Notes Offering
October 14 2021 - 4:05PM
Business Wire
LSB Industries, Inc. (NYSE: LXU) (“LSB”) today announced the
completion of its previously announced private offering of $500
million in aggregate principal amount of its 6.250% Senior Secured
Notes due 2028 (the “Notes”).
The Notes were issued at a price equal to 100% of their face
value. The net proceeds from the offering will be used to redeem
$435,000,000 in aggregate principal amount of LSB’s 9.625% Senior
Secured Notes due 2023 (the “Existing Notes”), representing all of
the Existing Notes outstanding, to pay related transaction fees,
expenses and premiums and, to the extent of any remaining net
proceeds, for general corporate purposes.
LSB previously issued a conditional notice of redemption on
September 29, 2021, to redeem all of the Existing Notes (the
“Redemption”), conditioned on the closing of the offering of the
Notes, which condition was satisfied as of October 14, 2021. The
Redemption is scheduled for October 29, 2021.
Also on October 14, 2021, LSB satisfied and discharged its
obligations under the indenture governing the Existing Notes by
irrevocably depositing with the trustee for the Existing Notes
funds sufficient to redeem the Existing Notes in full and to pay
related fees and expenses.
The Notes were sold pursuant to Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), to eligible
purchasers in the United States and to non-U.S. persons outside of
the United States pursuant to Regulation S under the Securities
Act. The Notes and the guarantees thereof have not been registered
under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent registration or
applicable exemption from the registration requirements under the
Securities Act and applicable state securities laws. This press
release is neither an offer to sell nor a solicitation of an offer
to buy the Notes or any other securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural,
mining, and industrial markets. The Company owns and operates
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma, and operates a facility for a global chemical company in
Baytown, Texas. LSB’s products are sold through distributors and
directly to end customers primarily throughout the United
States.
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance including the effects of the
COVID-19 pandemic and anticipated performance based on our growth
and other strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity, performance
or actual achievements to differ materially from the results, level
of activity, performance or anticipated achievements expressed or
implied by the forward-looking statements. Significant risks and
uncertainties may relate to, but are not limited to, business and
market disruptions related to the COVID-19 pandemic, market
conditions and price volatility for our products and feedstocks, as
well as global and regional economic downturns, including as a
result of the COVID-19 pandemic, that adversely affect the demand
for our end-use products; disruptions in production at our
manufacturing facilities; and other financial, economic,
competitive, environmental, political, legal and regulatory
factors. These and other risk factors are discussed in the
Company’s filings with the Securities and Exchange Commission
(“SEC”), including its Annual Report on Form 10-K for the year
ended December 31, 2020.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20211014005998/en/
Cheryl Maguire, Executive Vice President & CFO (405)
510-3524
Fred Buonocore, CFA, Vice President of Investor Relations (405)
510-3550 fbuonocore@lsbindustries.com
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