Business
Superior Plus Announces Completion of Common Share Financing
Superior Plus Announces Completion of Common Share Financing
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nFeb. 10, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 10 /CNW/ -- Superior Plus Corp. (\"Superior\" or the \"Corporation\") is pleased to announce the successful closing of the previously announced issue of an aggregate of 5,002,500 common shares in the capital of the Corporation (\"Common Shares\") at a price of $13.85 per Common Share for gross proceeds of approximately $69.3 million. The gross proceeds include the full exercise of the over-allotment option granted to the underwriters.The Common Shares were offered to the public through a syndicate of underwriters co-led by Scotia Capital Inc., National Bank Financial Inc. and TD Securities Inc., including CIBC World Markets Inc., BMO Capital Markets and Cormark Securities Inc.. As previously announced, Superior intends to use the net proceeds from the financing to partially finance the acquisition of Griffith Holdings, Inc. (\"Griffith\") a retail and wholesale distributor of propane, heating oil and motor fuels in upstate New York. The Common Shares of Superior are traded on the Toronto Stock Exchange under the symbol \"SPB\".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.The Corporation's common shares and convertible debentures trade on the TSX as follows:Trading Symbol Security Issued and Outstanding-------------------------------------------------------------------------SPB Common Shares 104.9 millionSPB.db.b 5.75% Debentures, $174.9 million principal amountSeries 1SPB.db.c 5.85% Debentures, $75.0 million principal amountSeries 1SPB.db.d 7.50% Debentures $69.0 million principal amount-------------------------------------------------------------------------Forward Looking InformationCertain information included in this Press Release is forward-looking, within th...