Business
Superior Plus Announces $60,000,000 Public Offering of Convertible Unsecured Subordinated Debentures
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES/\n\nTSX: SPB\n\n\nCALGARY, Aug. 10 /CNW/ - Superior Plus Corp. ("Superior" or the\n"Corporation" TSX: SPB) announced today that it has reached an agreement with\na syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc.,\nand including National Bank Financial Inc., CIBC, BMO Capital Markets and\nCormark Securities Inc. (collectively, the "Underwriters"), pursuant to which\nSuperior will issue on a "bought deal" basis, subject to regulatory approval,\n$60,000,000 aggregate principal amount of convertible unsecured subordinated\ndebentures (the "Debentures") at a price of $1,000 per Debenture. Superior has\ngranted to the Underwriters an over-allotment option to purchase up to an\nadditional $9,000,000 aggregate principal amount of Debentures at the same\nprice (plus accrued interest from closing of the Offering), exercisable in\nwhole or in part at any time for a period of up to 30 days following closing\nof the Offering, to cover over-allotments. Superior intends to use the net\nproceeds from the Offering to pay for a portion of its recently announced\nproposed acquisition of Specialty Products & Insulation Co., a distributor of\ninsulation and architectural products in the United States.\n\n\nThe Debentures will bear interest from the date of issue at 7.5% per\nannum, payable semi-annually in arrears on June 30 and December 31 each year\ncommencing December 31, 2009. The Debentures will have a maturity date of\nDecember 31, 2014 (the "Maturity Date").\n\n\nThe Debentures will be convertible at the holder's option at any time\nprior to the close of business on the earlier of the Maturity Date and the\nbusiness day immediately preceding the date specified by Superior for\nredemption of the Debentures into fully paid and non-assessable common shares\n("Common Shares") of Superior at a conversion price of $13.10 per Common\nShare, being a conversion rate of approximately 76.3359 Common Shares for each\n$1,000 principal amount of Debentures.\n\n\nThe Debentures will not be redeemable by Superior on or before August 31,\n2012. On and after August 31, 2012 and prior to August 31, 2013, the\nDebentures may be redeemed in whole or in part...