Superior Plus Announces Completion of Common Share Financing and Closing of
Debenture Financing Over-Allotment Option

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

TSX: SPB

CALGARY, Sept. 23 /CNW/ - Superior Plus Corp. ("Superior" or the "Corporation") is pleased to announce the successful closing of the issue and sale today of an aggregate of 3,970,000 common shares in the capital of the Corporation ("Common Shares") at a price of $11.35 per Common Share for gross proceeds of approximately $45.1 million.

The Common Shares were offered to the public through a syndicate of underwriters which was co-led by TD Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc. and Cormark Securities Inc. As previously announced, Superior intends to use the net proceeds from the financing to partially finance the acquisition of certain assets which make up a retail heating oil and propane distribution business from Sunoco, Inc. (R&M), and Sunoco, Inc.

The Common Shares of Superior are traded on the Toronto Stock Exchange under the symbol "SPB".

In addition, Superior has closed on the over-allotment option granted to the underwriters (the "Over-Allotment Option") in connection with the Corporation's offering of $60,000,000 aggregate principal amount of 7.5% convertible unsecured subordinated debentures ("Debentures") which closed on August 28, 2009. The Over-Allotment Option was exercised in full resulting in the issuance of an additional $9,000,000 aggregate principal amount of Debentures.

    
    About the Corporation
    ---------------------
    

Superior Plus is a diversified corporation. The Corporation holds 100% of Superior Plus LP, a limited partnership formed between Superior General Partner Inc., as general partner and the Corporation as limited partner. Superior Plus is focused on stability of dividends with value growth and has four Canadian based operating businesses: Superior Propane is Canada's largest distributor of propane and related products and services; ERCO Worldwide is a leading supplier of chemicals and technology to the pulp and paper industries and a regional Midwest supplier of chloralkali and potassium products; Winroc is a leading distributor of walls and ceilings construction products in North America; and Superior Energy Management provides fixed-price natural gas supply services in Ontario, Quebec, and British Columbia along with fixed-price electricity supply services in Ontario.

The Corporation's common shares and convertible debentures trade on the TSX as follows:

    
    Trading Symbol   Security                Issued and Outstanding
    -------------------------------------------------------------------------
    SPB              Common Shares             92.3 million
    SPB.db.b         5.75% Debentures,       $174.9 million principal amount
                      Series 1
    SPB.db.c         5.85% Debentures,       $ 75.0 million principal amount
                      Series 1
    SPB.db.d         7.50% Debentures        $ 69.0 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. In particular, this press release includes forward-looking information pertaining to the completion of the acquisition of Sunoco Retail Heat. 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, risks associated with the ability to satisfy regulatory and commercial closing conditions of the acquisition. Forward looking information contained in this press release is made as of the date hereof and is subject to change. The Corporation 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 Plus, 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 A. Scott Daniel, Vice-President, Treasurer and Investor Relations, Tel: (403) 218-2953, Fax: (403) 218-2973, E-mail: sdaniel@superiorplus.com, Toll Free: 1-866-490-PLUS (7587)

Organization Profile

SUPERIOR PLUS CORP.

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