Business
Superior Plus Announces Amendments to its US Note Purchase Agreement
Superior Plus Announces Amendments to its US Note Purchase Agreement
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 30, 2010 (Canada NewsWire Group) -- /CNW/ -- Superior Plus Corp. (\"Superior\") is pleased to announce that its wholly-owned subsidiary Superior Plus LP (\"Superior LP\") has amended certain financial covenant ratios in its US Note Purchase Agreement dated October 29, 2003 (\"Note Agreement\") to make them consistent with the financial covenant ratios under its existing syndicated credit facility (\"Credit Facility\").Under both the amended Note Agreement and Superior's Credit Facility, Superior is not permitted to have a Consolidated Secured Debt to Consolidated EBITDA ratio of more than 3.0x and a Senior Adjusted Debt or Consolidated Debt to Consolidated EBITDA ratio of more than 5.0x. However, Superior, as a result of acquisitions, is permitted to increase its Consolidated Secured Debt to Consolidated EBITDA ratio to 3.5x for a period of 90 days. For compliance purposes under both the Note Agreement and the Credit Facility, convertible debentures are excluded from the determination of financial covenant ratios.\"We are pleased to have completed the amendment to our Note Agreement and harmonize all of the financial covenants in our capital structure. Superior continues to improve its financial flexibility to grow its businesses and remains well positioned for acquisition opportunities. Our strong balance sheet and prudent financial policies will allow us to continue to create long-term value for our security holders,\" stated Wayne Bingham, Executive Vice-President and Chief Financial Officer of Superior.About the Corporation---------------------Superior is a diversified corporation. Superior holds 100% of Superior Plus LP, a limited partnership formed between Superior General Partner Inc., as general partner and Superior as limited partner. Superior is focused on stability of dividends with value growth. Superior Plus LP consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates and related fixed-price energy services; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.Superior's shares and convertible debentures trade on the TSX as follows:TradingSymbol Security Issued and Outstanding--------------------------------------...