Business
Superior Plus announces $200 million medium term note offering
Superior Plus announces $200 million medium term note offering.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\n\nTSX: SPF.UN\n\nCALGARY, Feb. 28 /CNW/ - Superior Plus Income Fund (the \"Fund\") announced\ntoday that its wholly owned subsidiary, Superior Plus Inc. (\"Superior\") has\nagreed to issue $200 million of senior secured medium term note debentures\n(the \"Notes\"). The Notes will have a coupon rate of 5.50% and mature on\nMarch 3, 2016. The Notes were sold at a price of 99.484 to yield 5.568% to\nmaturity. A credit rating of BBB- has been assigned to the Notes by Standard &\nPoor's and a credit rating of BBB(low) was assigned by Dominion Bond Rating\nService Limited. Closing is expected to occur on March 3, 2006. The net\nproceeds of the offering will be used to repay existing indebtedness of\nSuperior, including indebtedness incurred in connection with the acquisition\nof JW Aluminum Company, and for general corporate purposes.\nThe offering is being underwritten by TD Securities Inc., and the Notes\nwill be issued pursuant to Superior's Shelf Prospectus dated \nFebruary 23, 2006. The prospectus has been filed with the various securities\ncommissions in Canada and is available at www.sedar.com.\nMark Schweitzer, Executive Vice-President and Chief Financial Officer\nsaid, \"This offering provides more permanent debt financing for our recent\nacquisition of JW Aluminum, strengthens our balance sheet and diversifies our\ndebt sources.\"\n\nAbout Superior and the Fund\n---------------------------\nThe Fund holds 100% of Superior Plus Inc., which has five operating\ndivisions: Superior Propane is Canada's largest distributor of propane,\nrelated products and services; ERCO Worldwide is a leading supplier of\nchemicals and technology to the pulp and paper and water treatment industries\nand the second largest producer of potassium products in North America; JW\nAluminum is a leading manufacturer of specialty, flat-rolled aluminum products\nin the United States; Winroc is the seventh largest distributor of walls and\nceilings construction products in North America; and Superior Energy\nManagement provides fixed price natural gas supply services in Ontario and\nQuebec.\nThe Fund's trust units and convertible debentures trade on the Toronto\nStock Exchange (the \"TSX\") as follows:\n\nTrading\nSymbol Security Issued and Outstanding\n-------------------------------------------------------------------------\nSPF.un Trust Units...