July 10, 2018
Torys represented Superior Plus, as Canadian counsel, with a team led by Lianne Tysowski and that included Mike Zackheim, Mile Kurta, Robbie Leibel, Alice Lin and Michael Murphy (Canadian and US securities), Nina Mansoori and Jonathan Wiener (debt financing), Corrado Cardarelli and Andrew Wong (tax).
On May 30, 2018, Superior Plus Corp. (“Superior”) announced that it entered into an agreement with NGL Energy Partners LP (“NGL Energy”) to acquire all of the outstanding equity interest in NGL Propane, LLC (“NGL Propane”), NGL Energy’s retail propane distribution business, for total cash consideration of US$900 million (C$1.17 billion) subject to customary closing adjustments.
Superior announced the successful closing of the transaction on July 10, 2018.
The transaction was financed through a combination of debt and equity, including Superior’s completed United States and Canadian debt offerings of US$350 million and C$150 million aggregate principal amount of senior unsecured notes, respectively, the net proceeds of Superior’s bought deal offering of subscription receipts and borrowings under Superior’s existing credit facilities.
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.
NGL Energy Partners is a Delaware limited partnership that owns and operates a vertically integrated energy business with five primary businesses: Crude Oil Logistics, Water Solutions, Liquids, Retail Propane and Refined Products and Renewables.
Further information can be found on Business Wire’s website.