Superior Plus Corp.

Superior Plus Corp.

December 22, 2015 17:19 ET

Superior Plus Announces Extension and Increase to Credit Facility

TORONTO, ONTARIO--(Marketwired - Dec. 22, 2015) - Superior Plus Corp. (TSX:SPB) ("Superior") is pleased to announce that its wholly-owned subsidiaries Superior Plus LP, Superior Plus US Financing Inc. and Comercial E Industrial ERCO (Chile) Limitada have completed an extension of its $570,000,000 syndicated credit facility, with Scotiabank Global Banking and Markets and TD Securities as Co-Lead Arrangers, with a group of ten lenders. The syndicated credit facility will now mature on December 22nd, 2019 with no changes to the financial covenants.

In addition to the extension of the syndicated credit facility, Superior has agreed with its lenders that the syndicated credit facility will automatically increase to $775,000,000 from the existing $570,000,000, with the same financial covenant package, concurrent with the completion of the plan of arrangement between Superior and Canexus Corporation, the acquisition of all of the shares of Canexus Corporation by Superior and certain other related conditions precedent. The accordion facility which could provide an additional $180,000,000 of capacity has been maintained.

In connection with the extension of the revolving credit facility, Superior has permanently reduced the total bridge facility provided by a syndicate of lenders with National Bank of Canada and J.P. Morgan Securities LLC as Co-Lead Arrangers from $650,000,000 to $445,000,000.

About the Corporation

Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates, providing fixed-price energy services, and supply portfolio management; 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 herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this news release includes the expected closing date of the plan of arrangement and the satisfaction of certain related conditions precedent and the expected increase to the credit facility upon such satisfaction. 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 information should not be unduly relied upon. Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. These risks include, but are not limited to, risks associated with the ability to satisfy closing conditions of the plan of arrangement and offer-related conditions precedent. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

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