LSB INDUSTRIES, INC. (NYSE:LXU) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
Purchase and Sale Agreement
On May11, 2017, Zena Energy L.L.C. (Zena), an Oklahoma limited
liability company which is an indirect, wholly owned subsidiary
of LSB Industries, Inc. (the Company), entered into a Purchase
and Sale Agreement (the Purchase and Sale Agreement) with BKV
Chelsea, LLC, a Delaware limited liability company (the
Purchaser).
Under the terms of the Purchase and Sale Agreement, Zena has
agreed to sell to the Purchaser substantially all of its assets,
including Zenas right, title, and interest in all of its oil and
natural gas properties (the Properties) located in Wyoming
County, Pennsylvania for a purchase price of $16,250,000, subject
to customary adjustments to reflect the operation of the
Properties prior to Closing (the Purchase Price). to the
Agreement, Purchaser placed a total of $812,500 in escrow as a
performance deposit which will be applied to the Purchase Price
at closing or released to the Purchaser, as the case may be, if
closing fails to occur and either the Purchaser or Zena
terminates the Agreement in accordance with the terms thereof.
Upon completion of the sale, the Company will no longer own any
material oil and natural gas assets.
The Purchase and Sale Agreement contains customary
representations, warranties, covenants and indemnities by the
parties thereto, and the closing of the transaction contemplated
by the Purchase and Sale Agreement is subject to the satisfaction
of certain customary closing conditions as described therein.
The foregoing summary description of the Purchase and Sale
Agreement is not complete and is qualified in its entirety by the
actual terms of the Purchase and Sale Agreement, which is filed
as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
Item9.01 Financial Statements and Exhibits
|
Exhibit No. |
Description |
|
| 10.1 |
Purchase and Sale Agreement, dated May11, 2017 between Zena Energy L.L.C. and BKV Chelsea, LLC. Schedules and exhibits to the Purchase and Sale Agreement have been omitted to Item601(b)(2) of Regulation S-K and will be provided supplementally to the Securities and Exchange Commission upon request. |
About LSB INDUSTRIES, INC. (NYSE:LXU)
LSB Industries, Inc. is a diversified holding company engaged in manufacturing operations through its subsidiaries. The Company’s segments are Chemical Business, Climate Control Business and Other. Its Chemical Business segment manufactures and sells nitrogen-based chemical products for the agricultural, industrial and mining markets. Its Climate Control Business manufactures and sells a range of heating, ventilation and air conditioning (HVAC) products that include water source and geothermal heat pumps, hydronic fan coils, custom air handlers, modular geothermal and other chillers, and other related products and services. These products are used in commercial or institutional and residential new buildings construction, renovation of existing buildings and replacement of existing systems. Its Other segment sells industrial machinery and related components to machine tool dealers and end users located in North America. LSB INDUSTRIES, INC. (NYSE:LXU) Recent Trading Information
LSB INDUSTRIES, INC. (NYSE:LXU) closed its last trading session up +0.50 at 8.69 with 350,654 shares trading hands.
