Business
Superior Plus Enters Into a New Syndicated Credit Facility
Superior Plus Enters Into a New Syndicated Credit Facility.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, July 3 /CNW/ - Superior Plus Income Fund ("Fund"), is pleased to\nannounce that its wholly owned subsidiaries Superior Plus LP and Superior Plus\nUS Holdings Inc. have received $535 million in credit commitments from a\nsyndicate of nine lenders.\n\n\nThe secured revolving credit facility matures on June 28, 2010 and can be\nexpanded up to $600 million. This new credit facility is extendable with the\nagreement of the lenders on each anniversary date and replaces the Fund's\nexisting bilateral and syndicated credit facilities. The purpose of the\nfacility is to provide for future growth opportunities and general corporate\npurposes consistent with the Fund's long-term growth profile.\n\n\n"This new facility, our recently introduced distribution reinvestment\nprogram combined with our senior secured notes and subordinated debentures\nprovide financial flexibility and an attractive cost of capital for Superior.\nAt current levels of utilisation of the new facility we have over $450 million\nof capacity to fund future capital projects to create additional value for our\nsecurity holders", said Wayne Bingham, Executive Vice-President and CFO.\n\n\nFor the facility, Scotia Bank acted as Co-Lead Arranger, Administrative\nAgent and sole Bookrunner and the Toronto Dominion Bank acted as Co-Lead\nArranger, and Syndication Agent.\n\n\nAbout Superior Plus and the Fund\n\n\n--------------------------------\n\n\nSuperior Plus Income Fund is a diversified business trust. The Fund holds\n100% of Superior Plus LP, a limited partnership formed between Superior Plus\nInc., as general partner and the Fund as limited partner. Superior Plus is\nfocused on stability of distributions with value growth and has four Canadian\nbased operating divisions: Superior Propane is Canada's largest distributor of\npropane, related products and services; ERCO Worldwide is a leading supplier\nof chemicals and technology to the pulp and paper industries, a regional\nMidwest supplier of chloralkali products and the third largest producer of\npotassium products in North America; Winroc is the seventh largest distributor\nof walls and ceilings construction products in North America; and Superior\nEnergy Management provides fixed price natural gas supply services in Ontario,\nQuebec and British Columbia and fixed pri...