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Terra Industries to force conversion of 4.25% preferreds on March 15
By Angela McDaniels
Tacoma, Wash., Feb. 24 - Terra Industries Inc. will convert all of its outstanding 4.25% series A cumulative convertible perpetual preferred shares into common stock on March 15, according to a company news release.
Each preferred will be converted into 120.4819 shares of Terra common stock. The regular conversion ratio is 100.4016 shares per preferred.
Holders will also receive the regular quarterly dividend on the preferreds on March 15.
On Dec. 20, the preferreds became mandatorily convertible if Terra stock is 140% of the initial conversion price for 20 out of 30 trading days. The conversion price is $9.69, and Terra stock closed at $41.05 (NYSE: TRA) on Feb. 23.
Holders with questions about the conversion can contact Computershare Trust Co. NA (781 575-2724).
Terra Industries makes nitrogen products and is based Sioux City, Iowa.
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