Business
Superior Plus Corp. Extends $570 Million Syndicated Credit Facility and Securitization Program
TSX: SPB CALGARY, May 21 /CNW/ - Superior Plus Corp. is pleased to announce that its wholly-owned...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPB\n\n\nCALGARY, May 21 /CNW/ - Superior Plus Corp. is pleased to announce that\nits wholly-owned subsidiaries Superior Plus LP and Superior Plus US Holdings\nInc. have completed a $570 million extension of its syndicated credit facility\nwith eleven lenders to June 28, 2011. Superior maintained its financial\ncovenant ratios of Senior Debt to EBITDA and Total Debt to EBITDA of 3.5x and\n5.0x, respectively.\n\n\nIn addition, Superior Plus LP extended its securitization program to June\n29, 2010. Under the securitization program, Superior Plus LP may sell up to\n$130 million of certain account receivables on a 30 day revolving basis to a\nCanadian chartered bank to finance a portion of its working capital\nrequirements.\n\n\n"We are pleased to have completed the extension of the syndicated credit\nfacility and securitization program with strong support from our lenders.\nSuperior continues to maintain its financial flexibility to complete growth\nprojects which support our strategy of operating and building businesses over\nthe long-term," said Grant Billing, Chairman and CEO of Superior.\n\n\nAs at March 31, 2009, Superior had unutilized credit capacity of $314\nmillion relating to its $570 million syndicated credit facility. Four quarter\ntrailing EBITDA was $251.9 million resulting in Senior Debt to EBITDA ratio of\n2.2x and Total Debt to EBITDA ratio of 3.2x as at March 31, 2009.\n\n\nSuperior continues to maintain investment grade ratings on a secured\nbasis. The senior secured credit rating for Superior Plus LP is currently BBB\n(low) and BBB- for Dominion Bond Rating Service Limited and Standard & Poors,\nrespectively. In late 2008, Standard & Poor's changed their negative outlook\nto stable on Superior's corporate credit rating.\n\n\n"Our strong balance sheet along with prudent financial policies supports\nSuperior's ability to pursue accretive consolidation opportunities to create\nlong-term value for our securityholders. We expect to continue to optimise\ncapital structure and increase access to capital in the future," stated Wayne\nBingham, Executive Vice President and CFO of Superior.\n\n\nAbout the Corporation\n---------------------\n\n\nSuperior Plus is a diversified corporation. The Corporation holds 100% of\nSuperior Plus LP, a limited partnership formed between Superior G...