LSB Industries, Inc. Announces Expiration & Results of Cash Tender Offer for Its Outstanding 8.50% Senior Secured Notes Due 2...
April 23 2018 - 7:00AM
Business Wire
LSB Industries, Inc. (NYSE:LXU) (“LSB”) today announced the
expiration and results of its previously announced cash tender
offer (the “Tender Offer”) to purchase any and all outstanding
$375,000,000 aggregate principal amount of its 8.50% Senior Secured
Notes due 2019 (CUSIP No. 502160AL8) (the “Notes”). The Tender
Offer expired at 5:00 p.m., New York City time, on April 20, 2018
(the “Expiration Time”).
As of the Expiration Time, $337,386,000 aggregate principal
amount of Notes, or 89.97% of the aggregate principal amount of
Notes outstanding, had been validly tendered and not validly
withdrawn, which did not include $20,397,000 aggregate principal
amount of Notes that remained subject to guaranteed delivery
procedures as of the Expiration Time. The complete terms and
conditions of the Tender Offer were set forth in an Offer to
Purchase, dated April 16, 2018 (the “Offer to Purchase”).
LSB expects to accept for payment all Notes validly tendered and
not validly withdrawn prior to the Expiration Time and, in
accordance with the terms of the Offer to Purchase, will pay all
holders of such Notes $1,023.88 per $1,000 principal amount for all
Notes accepted in the Tender Offer, plus a cash payment
representing the accrued and unpaid interest on such Notes from the
last interest payment date to, but not including, the settlement
date. LSB expects to make payment for the Notes on April 25, 2018,
subject to the closing of LSB’s previously announced issuance and
sale of $400,000,000 aggregate principal amount of its 9.625% notes
due 2023 and to the satisfaction or waiver by LSB of the other
conditions listed in the Offer to Purchase. Following the
consummation of the Tender Offer, LSB intends to redeem any Notes
not validly tendered and purchased in the Tender Offer.
Goldman Sachs & Co. LLC acted as the dealer manager for the
Tender Offer. The information and tender agent was D.F. King &
Co., Inc.
Forward-Looking Statements
Certain matters contained in this press release include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act
of 1934, as amended. We make these forward-looking statements in
reliance on the safe harbor protections provided under the Private
Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact,
included in this press release, including regarding the
commencement and conduct of the Tender Offer, may constitute
forward-looking statements. Forward-looking statements include
statements about LSB’s expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not
historical facts. Although we believe that the expectations
reflected in these forward-looking statements are reasonable, we
cannot assure you that these expectations will prove to be correct.
These forward-looking statements are subject to certain known and
unknown risks and uncertainties, as well as assumptions that could
cause actual results to differ materially from those reflected in
these forward-looking statements. Factors that might cause actual
results to differ include, but are not limited to, (i) LSB’s
business plans may change as circumstances warrant and the Tender
Offer may not ultimately be completed because of general market
conditions or other factors or (ii) any of the risk factors
discussed from time to time in each of our documents and reports
filed with the Securities and Exchange Commission. Except as
required by applicable law, we expressly disclaim any obligation to
update, amend or clarify any forward-looking statement to reflect
events, new information or circumstances occurring after the date
of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180423005365/en/
LSB Industries, Inc.Mark T. Behrman, 405-235-4546Chief Financial
OfficerorInvestor Relations:The Equity Group Inc.Fred Buonocore,
CFA, 212-836-9607Kevin Towle, 212-836-9620
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