LSB Industries talks $400 million five-year secured notes to yield 9¾%-9 7/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., April 19 – LSB Industries, Inc. talked its $400 million offering of five-year senior secured notes (Caa1/CCC) to yield 9¾% to 9 7/8%, according to an informed source.

Official talk comes in line with the 9½% to 10% initial guidance.

Books were scheduled close at 10:30 a.m. ET on Thursday for accounts on the East Coast of the United States and at 2 p.m. ET for West Coast accounts, and the notes are set to price thereafter.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life deal. Jefferies LLC is the joint bookrunner.

The notes come with two years of call protection.

The Oklahoma City-based manufacturing, marketing and engineering company plans to use the proceeds to fund the concurrent tender for its 8½% notes due Aug. 1, 2019 and to redeem the notes not tendered, with any remaining proceeds to be used for general corporate purposes.

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