LSB Industries, Inc. of Oklahoma City announced that an affiliate of Eldridge Industries LLC intends to offer for sale an aggregate of 14,350,000 shares of LSB’s common stock pursuant to the Company’s automatic shelf registration statement.
Eldridge Industries, based in Connecticut makes investments in different industries including technology, real estate, insurance and asset management.
Eldridge intends to grant the underwriters a 30-day option to purchase up to an aggregate of 1,627,500 additional shares of the LSB’s common stock. The Selling Stockholder will receive all of the net proceeds from the Offering. No shares are being sold by the Company.
Subject to the completion of the Offering, LSB intends to repurchase from the underwriters 3,500,000 shares of the common stock being sold in the Offering at a price per share equal to the price per share paid by the underwriters to the Selling Stockholder in the Offering.
LSB intends to fund the share repurchase with cash on hand. The closing of the Share Repurchase is conditioned on, and expected to occur simultaneously with, the closing of the Offering. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed.
UBS Investment Bank and Goldman Sachs & Co. LLC will act as joint lead book-running managers for the Offering. Deutsche Bank Securities, Jefferies, Piper Sandler, RBC Capital Markets and Stifel will act as book-running managers for the Offering.