Superior announces closing US$260 million strategic investment by Brookfield
On July 13, 2020, Superior Plus Corp. ("Superior") announced the closing of a US$260 million (approximately C$350 million) equity investment by an affiliate of Brookfield Asset Management Inc. through the purchase of newly created perpetual exchangeable Series 1 preferred stock.
A total of 260,000 shares of preferred stock were issued by Superior US Holdings Inc., a U.S. subsidiary of Superior, on a private placement basis. The preferred stock will initially pay a monthly cash dividend of 7.25% per annum through to the end of Superior's second fiscal quarter in 2027 and may be exchanged, at the investor's option, into common shares of Superior at a Canadian dollar equivalent exchange price of C$11.63 per common share (or approximately US$8.67 per common share).
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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 production and sale of specialty chemicals.
Brookfield Asset Management is a leading global alternative asset manager with over US$515 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.