Superior Plus Corp.

Superior Plus Corp.

December 23, 2010 08:44 ET

Superior Plus Announces Completion of Convertible Debenture Financing

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2010) -


Superior Plus Corp. ("Superior" or the "Corporation") (TSX:SPB) is pleased to announce the successful closing of the previously announced issue of $150,000,000 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures (the "Debentures") at a price of $1,000 per Debenture. The Debentures were offered to the public through a syndicate of underwriters co-led by National Bank Financial Inc. and CIBC, and including BMO Capital Markets, Scotia Capital Inc. and Cormark Securities Inc. (collectively, the "Underwriters"). The Underwriters maintain an over-allotment option to purchase up to an additional $22,500,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following December 23, 2010. As previously announced, Superior intends to use the net proceeds to repay existing revolving term bank debt and for general corporate purposes. The Debentures will be listed on the Toronto Stock Exchange under the symbol "SPB.DB.F".

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 Construction Products Distribution includes the distribution of specialty construction products.

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. Forward looking information contained in this press release is made as of the date hereof and is subject to change. The Corporation assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.

Contact Information

  • Superior Plus Corp.
    Wayne Bingham
    Executive Vice-President and Chief Financial Officer
    (403) 218-2951 or Toll Free: 1-866-490-PLUS (7587)
    (403) 218-2973 (FAX)
    Superior Plus Corp.
    Jay Bachman
    Vice-President, Investor Relations and Treasurer
    (403) 218-2957 or Toll Free: 1-866-490-PLUS (7587)
    (403) 218-2973 (FAX)