Key Developments: LSB Industries Inc (LXU)

LXU on New York Consolidated

39.00USD
14 Aug 2014
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$-0.27 (-0.69%)
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Latest Key Developments (Source: Significant Developments)

LSB Industries Inc Secures New Labor Contracts-Form 8-K
Friday, 11 Oct 2013 10:12am EDT 

LSB Industries Inc reported in its Form 8-K that on October 7, 2013, the Company, received a new labor contract signed by El Dorado Chemical Company, a subsidiary of the Company (EDCC), and United Steelworkers International Union on behalf of LOCAL 13-434 (the USW Agreement). The USW Agreement has an effective date of August 1, 2013, and expires July 31, 2018. On October 7, 2013, the Company also received a new labor contract signed by EDCC and International Association of Machinists and Aerospace Workers, AFL-CIO Local No. 224 (the IAM Agreement). The IAM Agreement has an effective date of October 17, 2013, and expires on October 16, 2018.  Full Article

LSB Industries Inc Completes Issuance Of $425 Million Of New Senior Secured Notes-DJ
Wednesday, 7 Aug 2013 05:45pm EDT 

Dow Jones reported that LSB Industries Inc announced the completion of the previously announced offering of $425 million principal amount of new 7.75% senior secured notes due 2019. The net proceeds from the Notes offering are approximately $418.0 million, after deducting the estimated expenses of the Notes offering. LSB intends to use the net proceeds from the Notes offering to 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 and 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 located in El Dorado, Arkansas; improvement of reliability, mechanical integrity, and safety at all of its chemical facilities; and development of its acquired natural gas leaseholds during the next three years. The Notes and certain guarantees of the Notes issued by subsidiaries of LSB will be secured, subject to certain exceptions and permitted liens.  Full Article

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

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