Superior Plus completes C$400 million bought deal offering of subscription receipts

Superior intends to use the net proceeds from the offering to finance, in part, the previously announced C$900 million acquisition, by an indirect wholly-owned subsidiary, of all of the outstanding equity interest in NGL Propane, LLC, NGL Energy Partners LP's retail propane distribution business.

The remainder of the purchase price will be financed with a combination of a draw on Superior's existing credit facilities and a senior secured bridge credit facility.

Superior Plus 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 Business Wire's website.