Following LSB’s $364 million sale of its climate control business, the consent solicitation effects certain amendments to its 7.75% Senior Secured Notes due 2019.
On September 7, Willkie client LSB Industries, Inc. announced its successful completion of a consent solicitation to effect certain amendments to its 7.75% Senior Secured Notes due 2019. The consent was supported by more than 90% of the holders of the Senior Secured Notes and followed the company’s sale in July 2016 of its climate control business for a total sale price of $364 million, subject to certain post-closing adjustments.
The amendments approved by the holders of Senior Secured Notes provide the company with the right to use the asset sale proceeds to, among other things, deleverage by approximately $180 million, pay transaction related expenses, and increase cash on its balance sheet available for working capital purposes.
LSB Industries, Inc. manufactures and sells chemical products for the agricultural, mining and industrial markets.
The Willkie deal team was led by partner Leonard Klingbaum and included partner Cristopher Greer and associates Andrea Hwang, Adam Keith and Thea Rogers.