OTTAWA, June 23 /CNW Telbec/ - Export Development Canada (EDC) today
announced it has contributed $25 million towards a $570 million syndicated
revolving credit facility for Superior Plus Corp. (Superior Plus).
"EDC's participation in the credit facility for Superior Plus
demonstrates how our new domestic capability can make a difference in
transactions affected by the credit crunch," said Stephen Poloz, Senior
Vice-President, Financing Group, EDC.
This transaction was facilitated under EDC's temporary two-year
broadening of its mandate to undertake domestic financing and insurance. EDC's
domestic powers were enacted on March 12, 2009.
"We are very pleased with the addition of EDC to our lending syndicate,"
said Wayne Bingham Executive Vice President and Chief Financial Officer of
Superior Plus Corp. "The strong support from EDC provided new debt capital and
increased financial flexibility to grow our divisional operations during these
uncertain credit markets."
Superior Plus is a diversified corporation with four Canadian-based
operating businesses: propane distribution; speciality chemicals; construction
products distribution; and fixed-price energy services.
"Scotia Capital welcomes EDC's participation in this transaction. It is a
good example of the effectiveness of the federal government's new Business
Credit Availability Program (BCAP)," said Bob Finlay, Managing Director and
Head, Corporate Banking Canada. "BCAP is an important component of our
continuing work with EDC in providing financing to Canadian businesses."
As a member of the Scotiabank Group, Scotia Capital offers corporate and
investment banking and capital markets products to corporate, government and
institutional clients. It provides full-service coverage across the NAFTA
region, as well as a niche focus in select markets globally. Scotia Capital
has 28 offices and more than 300 relationship managers organized around
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.
For further information:
For further information: Phil Taylor, Export Development Canada, (613)
598-2904, Blackberry: email@example.com