Transaction|April 6, 2022

Superior Plus closes bought deal equity offering

Torys acted as counsel to Superior with a team that included Michael Zackheim, Lianne Tysowski, Jennifer Baugh and Jon McDonald (corporate/Canadian securities) and Andy Beck (U.S. securities).

On April 6, 2022, Superior Plus Corp. (“Superior”) announced its completed bought deal equity offering of 25,670,300 common shares at a price of C$11.20 per share, for aggregate gross proceeds of approximately C$288 million. The offering included 3,348,300 shares issued pursuant to the exercise in full by the underwriters of their over-allotment option.

The offering was sold on a bought deal basis to a syndicate of underwriters bookrun by CIBC Capital Markets, and including National Bank Financial Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., ATB Capital Markets Inc., Cormark Securities Inc. and iA Private Wealth Inc.

Brookfield, one of Superior’s largest investors, participated as an anchor investor in the offering and purchased approximately C$75 million in shares at the offering price through its Special Investments program.

The net proceeds of the offering will be used to reduce existing indebtedness and for general corporate purposes including to fund future acquisitions.

Further information can be found on Globe Newswire’s website.

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.

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