Terra Industries holders convert 21,500 4.25% convertible preferreds

By Angela McDaniels

Tacoma, Wash., Oct. 6 - Terra Industries Inc. said it exchanged 21,500 shares of its 4.25% series A cumulative convertible perpetual preferred shares for 2,158,634 shares of its common stock.

The exchanges took place on Sept. 30 and Oct. 1 in the form of individually negotiated transactions between the company and four holders of the preferreds.

Each holder also received a cash payment to adjust for dividends and as an inducement for the conversion, according to an 8-K filing with the Securities and Exchange Commission.

The common stock was issued based upon a conversion rate of 100.4016 shares per preferred.

Following these transactions, 1,600 preferreds remain outstanding.

Terra Industries is based in Sioux City, Iowa, and produces nitrogen and methanol products for the agricultural and industrial markets.

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