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By Stephen Nakrosis
The shares of LSB Industries Inc. rose Tuesday after the company said it would exchange shares of LSB Series E-1 and Series F-1 redeemable preferred stock of an Eldridge affiliate for LSB common stock.
LSB said that as of the record date, existing unaffiliated shareholders of LSB will receive a special dividend of 0.30 LSB common stock for each share they own.
At 11:42 a.m. ET, LSB shares traded 38.2% higher at $6.69 per share. The volume at the time was 596,000 shares, above the 65-day average volume of 158,687 shares.
LSB said Tuesday it reached an agreement with LSB Funding LLC to exchange approximately $300 million in Eldridge preferred stock for an equal value of LSB common stock, based on an exchange rate of $6.16.
LSB makes chemical products for the agricultural, mining and industrial markets.
Write to Stephen Nakrosis at [email protected]
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