TORONTO, ONTARIO--(Marketwired - Feb 22, 2017) - Superior Plus Corp. (Superior) is pleased to announce that its indirect wholly-owned subsidiary, Superior Plus LP (Superior LP) has, pursuant to an underwriting agreement entered into today, agreed to issue and sell CDN $250 million principal amount of 5.25% Senior Unsecured Notes (Notes) due February 27, 2024 by way of private placement (the Offering). Interest on the Notes is payable semi-annually in arrears in equal instalments on February 27 and August 27 of each year, commencing on August 27, 2017.
CIBC World Markets Inc. and Scotia Capital Inc. are acting as joint book-running managers for the Offering which also includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Casgrain & Company Ltd., Cormark Securities Inc. and Raymond James Ltd. as co-managers.
The Offering is expected to close on February 27, 2017. Superior LP intends to use the net proceeds of the financing to repay drawn amounts under its syndicated bank credit facility and to partially finance the $412 million purchase price of the option to acquire the Industrial Propane business of Gibson Energy Inc.
The offer and sale of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis exempt from the prospectus requirements of such securities laws.
This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to sell or an offer to purchase, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.
About the Corporation
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 manufacture and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this news release includes the expected closing date and the use of the net proceeds of the Offering. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. These risks include, but are not limited to, risks associated with the ability to satisfy closing conditions of the Offering. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.