Terra Capital Gets Requisite Consents for Consent Solicitation for Any and All of its 7% Senior Notes Due 2017

Thu. October 22, 2009; Posted: 12:36 AM

Oct 22, 2009 (Close-Up Media via COMTEX) -- TRA | Quote | Chart | News | PowerRating -- Terra Capital, Inc., a wholly owned subsidiary of Terra Industries Inc. (Terra), announced that, as of 1:30 p.m., New York City time, on October 16, pursuant to its previously announced cash tender offer and consent solicitation (the "Tender Offer") for any and all of its outstanding $330,000,000 7.00 percent Senior Notes due 2017 (CUSIP No. 88089PAF0) (the "2017 Notes"), it had received tenders and consents in respect of $166,220,000 aggregate principal amount of the 2017 Notes, representing approximately 50.37 percent of the outstanding 2017 Notes.

Tendered 2017 Notes may no longer be withdrawn, and the related consents may not be revoked.

Holders who have not yet tendered their 2017 Notes may tender until 12 midnight, New York City time, on Monday, October 26, unless the Tender Offer is extended or terminated earlier by Terra Capital.

Any 2017 Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding and the holders thereof will be bound by the amendments contained in the supplemental indenture eliminating substantially all of the restrictive covenants in the indenture governing the 2017 Notes even though they have not consented to the amendments.

The Tender Offer is made upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated September 24, as amended (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal").

Terra Capital has retained Credit Suisse Securities (USA) LLC to serve as dealer manager for the Tender Offer. U.S. Bank National Association will serve as the depositary and MacKenzie Partners, Inc. will serve as the information agent for the Tender Offer.

Terra Industries Inc., with 2008 revenues of $2.9 billion, is a leading North American producer and marketer of nitrogen products.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

For full details on Terra Industries Inc (TRA) click here. Terra Industries Inc (TRA) has Short Term PowerRatings of 4. Details on Terra Industries Inc (TRA) Short Term PowerRatings is available at This Link.

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