Superior Plus Corp.

Superior Plus Corp.

June 20, 2011 17:19 ET

Superior Plus Corp. Extends Its Syndicated Credit Facility

CALGARY, ALBERTA--(Marketwire - June 20, 2011) - 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 syndicated credit facility with ten lenders, increasing the size of the facility to $615 million from $450 million. The secured revolving credit facility matures on June 27, 2014 and can be expanded up to $750 million. Financial covenant ratios were unchanged with Consolidated Secured Debt to Consolidated EBITDA ratio and Consolidated Debt to Consolidated EBITDA ratio of 3.0x and 5.0x, respectively. Additionally, in conjunction with the extension of the syndicated credit facility, Superior has terminated its accounts receivable securitization program which provided up to $130 million of additional credit on a seasonally adjusted basis.

"We are pleased to have completed the extension of the syndicated credit facility with strong support from our lenders. Superior continues to maintain its financial flexibility to complete growth projects which support our strategy of operating and building businesses over the long-term. Our strong balance sheet along with prudent financial policies supports Superior's ability to pursue accretive growth opportunities to create long-term value for our securityholders," said Wayne Bingham, Executive Vice President and CFO.

About the Corporation

Superior 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.

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)