Business
Superior Plus Announces Completion of Common Share Financing and Closing of Debenture Financing Over-Allotment Option
Superior Plus Announces Completion of Common Share Financing and Closing of Debenture Financing O...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nSep. 23, 2009 (Canada NewsWire Group) -- CALGARY, Sept. 23 /CNW/ -- Superior Plus Corp. (\"Superior\" or the \"Corporation\") is pleased to announce the successful closing of the issue and sale today of an aggregate of 3,970,000 common shares in the capital of the Corporation (\"Common Shares\") at a price of $11.35 per Common Share for gross proceeds of approximately $45.1 million.The Common Shares were offered to the public through a syndicate of underwriters which was co-led by TD Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc. and Cormark Securities Inc. As previously announced, Superior intends to use the net proceeds from the financing to partially finance the acquisition of certain assets which make up a retail heating oil and propane distribution business from Sunoco, Inc. (R&M), and Sunoco, Inc.The Common Shares of Superior are traded on the Toronto Stock Exchange under the symbol \"SPB\".In addition, Superior has closed on the over-allotment option granted to the underwriters (the \"Over-Allotment Option\") in connection with the Corporation's offering of $60,000,000 aggregate principal amount of 7.5% convertible unsecured subordinated debentures (\"Debentures\") which closed on August 28, 2009. The Over-Allotment Option was exercised in full resulting in the issuance of an additional $9,000,000 aggregate principal amount of Debentures.About the Corporation---------------------Superior Plus is a diversified corporation. The Corporation holds 100% of Superior Plus LP, a limited partnership formed between Superior General Partner Inc., as general partner and the Corporation as limited partner. Superior Plus is focused on stability of dividends with value growth and has four Canadian based operating businesses: Superior Propane is Canada's largest distributor of propane and related products and services; ERCO Worldwide is a leading supplier of chemicals and technology to the pulp and paper industries and a regional Midwest supplier of chloralkali and potassium products; Winroc is a leading distributor of walls and ceilings construction products in North America; and Superior Energy Management provides fixed-price natural gas supply services in Ontario, Quebec, and British Columbia along with fixed-price electricity supply services ...