CF Industries Successfully Completes Initial Exchange Offer For Terra Industries

CF Industries Holdings, Inc. (NYSE: CF) announced today the successful completion of its initial exchange offer for all of the outstanding shares of Terra Industries Inc. (NYSE: TRA) common stock.

The exchange offer and withdrawal rights expired at 12:00 midnight, New York City time, on April 2, 2010. The depositary for the exchange offer has advised that, as of the expiration time, 85,757,343 shares of Terra common stock (including shares subject to guarantees of delivery) were validly tendered and not withdrawn, representing approximately 85.6%, of the outstanding shares of Terra common stock. All shares that were validly tendered and not properly withdrawn during the initial offering period have been accepted for payment.

With CF Industries’ 85.6% ownership of Terra, today effectively marks the first day that CF Industries and Terra are a combined company.

“Today begins an exciting chapter in the history of CF Industries,” said Stephen R. Wilson, chairman, president and chief executive of CF Industries. “We are pleased to join with Terra Industries to form the premier nitrogen fertilizer manufacturing company in North America. The combination transforms both companies, creating a larger strategic platform, presenting substantial opportunities to increase efficiency and lower costs, and expanding access to the capital markets.

“I am particularly pleased to announce that Mike Bennett has agreed to serve as a consultant to CF Industries as we integrate our two great companies,” continued Mr. Wilson. “Mike will play an important role on our integration steering committee and the combined company will benefit from the insight and passion that he brings to the role.”

Mike Bennett, Terra’s immediate past president and CEO, has agreed to serve as a consultant to CF Industries through the end of 2010 to assist with the integration of the two companies. CF Industries and Terra have formed an integration team with members from both companies whose charter is to integrate business practices, processes, systems and cultures. The co-leads of the integration project management office are Lynn White, vice president, Corporate Development, CF Industries, and Joe Ewing, who was most recently vice president, Investor Relations and Human Resources, Terra Industries.