Business
Superior Plus announces completion of senior unsecured debenture financing
Superior Plus announces completion of senior unsecured debenture financing
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nOct. 27, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 27 /CNW/ -- Superior Plus Corp. (\"Superior\") is pleased to announce that its indirect wholly-owned subsidiary, Superior Plus LP (\"Superior LP\") successfully closed the issue and sale today of $150 million aggregate principal amount of 8.25% Senior Unsecured Debentures due October 27, 2016 (the \"Debentures\") by way of private placement. The private placement was completed by a syndicate of agents led by Scotia Capital Inc. and included TD Securities Inc., J.P. Morgan Securities Canada Inc., National Bank Financial Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc. and Société Générale Valeurs Mobilières Inc. As previously announced, Superior intends to use the net proceeds of the financing to repay existing indebtedness under Superior LP's syndicated bank credit facility and expand Superior LP's access to capital which can be used for acquisitions, working capital and/or general corporate purposes.The Debentures will bear interest at 8.25% per annum payable semi-annually in arrears on April 27th and October 27th of each year, commencing April 27, 2010 and mature on October 27, 2016. The Debentures may be redeemed by Superior LP in certain circumstances prior to maturity.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 Plus 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-------------------------------------------------------------------------SPB Common Shares 95.8 millionSPB.db.b 5.75% Debentures, Series 1 $174.9 million principal amountSPB.db.c 5.85% Debentures, Series 1 $ 75.0 million principal amountSPB.db.d 7.5% Debentures $ 69.0 million principal amount------...