Superior Plus closes offering of 4.500% senior unsecured notes

On March 11, 2021, Superior Plus Corp. (“Superior”) announced the closing of a private placement offering by its wholly-owned subsidiaries, Superior Plus LP (“Superior LP”) and Superior General Partner Inc. (together with Superior LP, the “Issuers”) of US$600 million principal amount of 4.500% senior unsecured notes due March 15, 2029. The notes were issued at par and were guaranteed by Superior and certain of its wholly-owned subsidiaries.

The offering was made solely by means of a private placement to either qualified institutional buyers in the United States, as defined in Rule 144A under the U.S. Securities Act of 1933, or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the Act. The notes were also offered and sold on a private placement basis to certain accredited investors in Canada.

The Issuers used the net proceeds of the offering to redeem in full their 7.0% senior unsecured notes due July 15, 2026 at a redemption price of 107.444% and will use all remaining net proceeds to repay a portion of the outstanding indebtedness under the Issuers’ senior credit facility.

Further information can be found on Business Wire’s website.

Superior Plus currently 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.