Superior Plus Announces Completion of Convertible Debenture Financing



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

    TSX: SPB
    

    CALGARY, Aug. 28 /CNW/ - Superior Plus Corp. ("Superior" or the
"Corporation" TSX: SPB) is pleased to announce the successful closing of the
issue and sale today of $60,000,000 aggregate principal amount of 7.5%
convertible unsecured subordinated debentures (the "Debentures") at a price of
$1,000 per Debenture. The Debentures were offered to the public through a
syndicate of underwriters which was co-led by TD Securities Inc. and Scotia
Capital Inc. and included, National Bank Financial Inc., 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 (the "Acquisition") of Specialty Products &
Insulation Co.
    The Debentures, will bear interest at the rate of 7.5%, payable
semi-annually in arrears, and will mature on December 31, 2014. The Debentures
will be convertible by the holder into fully paid and non-assessable common
shares of the Corporation at a conversion price of $13.10 per common share,
being a conversion rate of 76.3359 common shares per $1,000 principal amount
of Debentures, subject to adjustment as provided in the indenture governing
the Debentures.
    The Debentures will be traded on the Toronto Stock Exchange under the
symbol "SPB.DB.D".

    
    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 shares and convertible debentures trade on the TSX as
follows:

    
    Trading
    Symbol      Security                      Issued and Outstanding
    -------------------------------------------------------------------------
    SPB         Common Shares                  88.4 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    7.50% Debentures             $ 60.0 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 Specialty Products and Insulation Co. 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 company assumes no obligation to revise
or update forward looking information to reflect new circumstances, except as
required by law.





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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