IHS Chemical Week

People & Business :: Companies

Terra Approves Special Dividend, Prices Debt Offering

8:01 AM MDT | September 25, 2009 | Nancy Seewald

Terra Industries says it plans to offer a one-time payment of $7.50/share to shareholders through a special cash dividend, which will total approximately $750 million. The dividend will be declared and paid in the fourth quarter. Terra also says that its wholly-owned subsidiary Terra Capital will commence a tender offer and consent solicitation to purchase any and all outstanding 7% senior notes due 2017 for cash at a price equal to 104.5% of par value, including a consent fee. Terra expects to raise up to $600 million of capital through the debt financing. ...

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