Terra Industries to redeem series B redeemable preferreds for stock

By Jennifer Chiou

New York, June 20 - Terra Industries Inc. said it plans to exchange all outstanding shares of its series B cumulative redeemable preferred shares for 2.1 million common shares, an exchange ratio of 12.3762.

The company will give notice to holders of record Tuesday and the redemption will take place on July 25.

Terra will not issue fractional shares and instead will round up to a full common share for more than one-half share and down for one-half share or less.

EquiServe Trust Co., NA is the transfer and redemption agent (781 575-2724).

Sioux City, Iowa-based Terra Industries is an international producer of nitrogen products.

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