Key Developments: LSB Industries Inc (LXU.N)

LXU.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

LSB Industries Inc Announces Pricing Of $425 Million Offering Of Senior Secured Notes
Wednesday, 31 Jul 2013 01:48pm EDT 

LSB Industries Inc announced that it priced its previously announced bond offering. At pricing, LSB's offering consisted of $425 million aggregate principal amount of senior secured notes due 2019. The Notes will bear an annual rate of interest of 7 3/4% and will mature on July 31, 2019. The Notes will be issued at a price equal to 100% of their face value. The Notes will be guaranteed by all of LSB`s direct and indirect subsidiaries. The Notes and certain of the guarantees will be secured, subject to certain exceptions and permitted liens, (a) on a first-priority basis by a substantial portion of LSB`s and the guarantors` assets, and on a second-priority basis by certain of LSB`s and the guarantors` assets that secure LSB`s senior credit facility on a first-priority basis, including accounts receivable, inventories and certain other related asset proceeds thereof. The closing of this private offering is expected to occur on August 7, 2013, subject to customary closing conditions. LSB intends to use the net proceeds from the offering of the Notes to (a) repay the $67.2 million unpaid principal balance and the prepayment penalty under its existing term loan facility, plus all accrued and unpaid interest due thereon and (b) for general corporate purposes, which LSB expects to include, among other things, the construction of an ammonia plant, nitric acid plant and concentrator at its chemical facility in El Dorado, Arkansas.  Full Article

LSB Industries Inc Announces Proposed Private Offering Of Senior Notes
Thursday, 18 Jul 2013 04:05pm EDT 

LSB Industries Inc announced that it intends to offer, subject to market and other conditions, $400 million in aggregate principal amount of senior unsecured notes due 2021 (the Notes) for sale in a private placement to eligible purchasers. LSB intends to use the net proceeds from this offering to (a) repay the $67.2 million unpaid principal balance and the prepayment penalty of its secured term loan, plus all accrued and unpaid interest due thereon; and (b) for general corporate purposes, which LSB expects to include, among other things, the construction of an ammonia plant, nitric acid plant, and concentrator at its chemical facility in El Dorado, Arkansas; improvement of reliability, mechanical integrity, and safety at all of its chemical facilities; and the development of its acquired natural gas leaseholds during the next three years. Pending application of proceeds in accordance with clause (b), the net proceeds of this offering will be invested in investments with highly rated money market funds, U.S. government securities, treasury bills and/or short-term commercial paper.  Full Article

LSB Industries Inc Enters Into Material Definitive Agreement-Form 8-K
Wednesday, 10 Jul 2013 03:34pm EDT 

LSB Industries Inc reported in its Form 8-K on July 3, 2013, LSB Industries, Inc. (the Company), ThermaClime L.L.C., a wholly owned subsidiary of the Company (ThermaClime), certain subsidiaries of ThermaClime, and Consolidated Industries Corp., a subsidiary of the Company (Consolidated Industries), entered into the Eighth Amendment to the Amended and Restated Loan and Security Agreement (the Eighth Amendment), with the lenders identified on the signature pages thereof (collectively the Lenders) and Wells Fargo Capital Finance, Inc. (Wells Fargo), as the arranger and administrative agent for the Lenders, which amends ThermaClime’s existing $50 million working capital revolver under the Amended and Restated Loan and Security Agreement, dated November 5, 2007, as previously amended (the Working Capital Revolver). The Eighth Amendment will not be effective until certain conditions set forth therein have been satisfied. If the Eighth Amendment becomes effective, among other things, the maximum revolver amount will be increased to $100 million, subject to the amount of available collateral, and the maturity date will be extended to April 13, 2018. As of the date of this report, there are no outstanding borrowings under the Working Capital Revolver.  Full Article

LSB Industries Inc Issues Q2 2013 Guidance
Wednesday, 10 Jul 2013 07:00am EDT 

LSB Industries Inc announced that for second quarter of 2013, it expects operating income to be in the range of $9.0 million to $12.0 million, as compared to $42.3 million in the second quarter of 2012. The Company also estimate diluted earnings per share (EPS) to be in a range from $0.20 to $0.30, as compared to $1.11 in the second quarter of 2012.  Full Article

LSB Industries Inc's Subsidiary Extends Long Term Agreement to Supply Nitric Acid to Bayer MaterialScience
Monday, 1 Jul 2013 01:04pm EDT 

LSB Industries Inc announced its El Dorado Nitrogen L.P. subsidiary (EDNLP) has signed a seven-year extension with Bayer MaterialScience LLC (Bayer) to supply Bayer with its requirement of nitric acid. This agreement amends EDNLP`s previous agreement to supply nitric acid to Bayer. Under the extended agreement, which is effective as of July 1, 2014, EDNLP continues to charge Bayer for nitric acid on a cost plus basis.  Full Article

LSB Industries, Inc. Updates Status Of El Dorado Chemical Facility – Anticipates Resumption Of Limited Production In Approximately 30 Days
Tuesday, 5 Jun 2012 04:05pm EDT 

LSB Industries, Inc. announced an update on progress in certain areas of its El Dorado Chemical Company subsidiary’s facility located in El Dorado, Arkansas. The Company previously announced that on May 15, 2012 the El Dorado Facility suffered damage when a reactor in its DSN 98% concentrated nitric acid plant exploded. No employees or anyone in the El Dorado community were injured as a result of the explosion, and there was no environmental impact. Following is an update to the earlier announcement. At this time, the Company intends to re-start regular nitric acid and ammonium nitrate production, on a partial basis, in approximately 30 days, and increase that production over the next 90 days, as various plants are brought back on-line. At this time it is not known when the El Dorado Facility will produce 98% concentrated nitric acid. DSN concentrated nitric acid plant – It is unlikely that repair of this plant is feasible. At this time the Company, along with its insurance carriers, are evaluating the damages. This evaluation will take several months to complete. The DSN concentrated nitric acid plant produced approximately 20% of the nitric acid manufactured at the El Dorado Facility. The Company intends to replace the nitric acid production capacity lost by this event.  Full Article

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