May 18, 2021
Torys represented Superior Plus LP with a team that included Nina Mansoori (debt financing), Michael Zackheim, Lianne Tysowski and Jennifer Baugh (corporate/Canadian securities) and Andy Beck (U.S. securities).
On May 18, 2021, Superior Plus Corp. (“Superior”) announced the closing of a private placement offering by its wholly-owned subsidiary, Superior Plus LP (“Superior LP”), of C$500 million principal amount of 4.25% senior unsecured notes due May 18, 2028. The notes were issued at par and were guaranteed by Superior and certain of its subsidiaries.
The offering was underwritten by National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. as joint bookrunners, and a syndicate of underwriters, including, ATB Capital Markets Inc., Canaccord Genuity Corp., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Wells Fargo Securities Canada, Ltd., Casgrain & Company Ltd., Cormark Securities Inc., iA Private Wealth Inc. and Raymond James Ltd.
The offering was made by means of a private placement to certain accredited investors in the provinces of Canada and to qualified institutional buyers in the United States as defined in Rule 144A under the U.S. Securities Act of 1933.
Superior LP intends to use the net proceeds of the offering, together with borrowings under its credit facilities and cash on hand, to redeem all of its outstanding: (i) C$400 million principal amount of 5.25% senior unsecured notes due February 27, 2024 in accordance with the indenture governing the 2024 Notes; and (ii) C$370 million principal amount of 5.125% senior unsecured notes due August 27, 2025 in accordance with the indenture governing the 2025 notes and, in each case, at the applicable redemption price and date.
Further information can be found on Business Wire’s website.
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.