Business
Superior Plus Announces Expansion of its Syndicated Credit Facility to $600 Million
Superior Plus Announces Expansion of its Syndicated Credit Facility to $600 Million
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nJan. 28, 2010 (Canada NewsWire Group) -- CALGARY, Jan. 28 /CNW/ -- Superior Plus Corp. (\"Superior\") is pleased to announce that its wholly-owned subsidiaries Superior Plus LP and Superior Plus US Holdings Inc. have completed an expansion of Superior's syndicated credit facility from $570 million to $600 million. Superior also amended the definitions of Senior Secured Debt and Total Debt with a corresponding change to the related financial covenant ratios. The new definition of Senior Secured Debt excludes $150 million of senior unsecured debentures Superior issued on October 27, 2009, which are included in the calculation of Total Debt. As a result of the new definition of Senior Secured Debt, Superior must maintain a Senior Secured Debt to EBITDA ratio of 3.0X's. Superior is permitted, as a result of acquisitions, to increase its Senior Secured Debt to EBITDA ratio to 3.5X's for a period of 90 days. Superior's Total Debt, excluding convertible unsecured subordinated debentures, to EBITDA ratio for compliance purposes is unchanged at 5.0X's. As a result of the expansion of Superior's syndicated credit facility and upon the anticipated closing of Superior's $60 million equity financing on February 10, 2010, Superior would have approximately $170 million of undrawn credit capacity available under its syndicated credit facility.\"We are pleased to have completed the expansion of our syndicated credit facility with strong support from our lenders. Superior continues to maintain the financial flexibility necessary to grow our businesses. Our strong balance sheet and prudent financial policies will allow Superior to continue to create long-term value for our security holders,\" stated Wayne Bingham, Executive Vice-President and Chief Financial Officer of Superior.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 Construc...