Superior Plus Announces Amendments to its US Note Purchase Agreement

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TSX: SPB

CALGARY, March 30 /CNW/ - Superior Plus Corp. ("Superior") is pleased to announce that its wholly-owned subsidiary Superior Plus LP ("Superior LP") has amended certain financial covenant ratios in its US Note Purchase Agreement dated October 29, 2003 ("Note Agreement") to make them consistent with the financial covenant ratios under its existing syndicated credit facility ("Credit Facility").

Under both the amended Note Agreement and Superior's Credit Facility, Superior is not permitted to have a Consolidated Secured Debt to Consolidated EBITDA ratio of more than 3.0x and a Senior Adjusted Debt or Consolidated Debt to Consolidated EBITDA ratio of more than 5.0x. However, Superior, as a result of acquisitions, is permitted to increase its Consolidated Secured Debt to Consolidated EBITDA ratio to 3.5x for a period of 90 days. For compliance purposes under both the Note Agreement and the Credit Facility, convertible debentures are excluded from the determination of financial covenant ratios.

"We are pleased to have completed the amendment to our Note Agreement and harmonize all of the financial covenants in our capital structure. Superior continues to improve its financial flexibility to grow its businesses and remains well positioned for acquisition opportunities. Our strong balance sheet and prudent financial policies will allow us to continue to create long-term value for our security holders," stated Wayne Bingham, Executive Vice-President and Chief Financial Officer of Superior.

    
    About the Corporation
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Superior is a diversified corporation. Superior holds 100% of Superior Plus LP, a limited partnership formed between Superior General Partner Inc., as general partner and Superior as limited partner. Superior is focused on stability of dividends with value growth. Superior Plus LP consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates and related fixed-price energy services; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.

Superior's shares and convertible debentures trade on the TSX as follows:

    
    Trading
    Symbol      Security                     Issued and Outstanding
    -------------------------------------------------------------------------
    SPB         Common Shares                104.9 million
    SPB.db.b    5.75% Debentures, Series 1   $174.9 million principal amount
    SPB.db.c    5.85% Debentures, Series 1   $ 75.0 million principal amount
    SPB.db.d    7.5% Debentures              $ 69.0 million principal amount
    SPB.db.e    5.75% Debentures             $172.5 million principal amount
    -------------------------------------------------------------------------
    

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. 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 forward-looking statements should not be unduly relied upon.

Forward-looking information is based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to the risks related to Superior's businesses including those identified in Superior's 2009 Annual Information Form under the heading "Risk Factors". Reference should be made to this additional information prior to making any investment decision. Forward looking information contained in this press release is made as of the date hereof and is subject to change. Superior assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.

SOURCE SUPERIOR PLUS CORP.

For further information: For further information: about Superior, please visit our website at: www.superiorplus.com or contact: Wayne Bingham, Executive Vice-President and Chief Financial Officer, Tel: (403) 218-2951, Fax: (403) 218-2973, E-mail: wbingham@superiorplus.com or Jay Bachman, Vice-President, Investor Relations and Planning, Tel: (403) 218-2957, Fax: (403) 218-2973, E-mail: jbachman@superiorplus.com, Toll Free: 1-866-490-PLUS (7587)

Organization Profile

SUPERIOR PLUS CORP.

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