Superior Plus closes C$220 million senior unsecured note financing
On February 1, 2018, Superior Plus Corp. ("Superior") announced that its indirect wholly-owned subsidiary, Superior Plus LP ("Superior LP"), closed its previously announced private placement of C$220 million principal amount of 5.125% senior unsecured notes due August 27, 2025. The notes were issued at par.
The offering was underwritten by BMO Capital Markets, National Bank Financial Markets and Scotiabank, as joint book-running managers and CIBC Capital Markets, TD Securities, RBC Capital Markets, AltaCorp Capital Inc., Canaccord Genuity Corp., Casgrain & Company, Desjardins Securities, Raymond James Ltd., Cormark and Industrial Alliance Securities, as co-managers.
Superior LP intends to use the net proceeds of the offering to reduce the outstanding balance under its revolving credit facility. Superior expects to draw down on the credit facility in due course to repay some or all of its issued and outstanding 6.50% senior unsecured debentures due December 9, 2021 on maturity or redemption, as applicable.
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty chemicals.
Further information can be found on Globe Newswire's website.