LSB Industries subsidiary ThermaClime to redeem 10¾% notes

By Jennifer Chiou

New York, May 25 - LSB Industries, Inc. said its subsidiary, ThermaClime, Inc., will redeem all $6.3 million of its 10¾% senior unsecured notes due 2007.

The company will also pay accrued interest.

ThermaClime said it will use the proceeds of its March sale of 7% convertible senior subordinated debentures due 2011 for the redemption.

The company added that it repurchased directly from holders $7 million of the 10¾% notes using proceeds from the 7% debentures issue.

The company said remaining proceeds will be used to purchase other higher interest rate debt and for general corporate purposes.

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