Superior Plus Announces Expansion of its Syndicated Credit Facility to $600
Million

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

TSX: SPB

CALGARY, Jan. 28 /CNW/ - Superior Plus Corp. ("Superior") is pleased to announce that its wholly-owned subsidiaries Superior Plus LP and Superior Plus US Holdings Inc. have completed an expansion of Superior's syndicated credit facility from $570 million to $600 million. Superior also amended the definitions of Senior Secured Debt and Total Debt with a corresponding change to the related financial covenant ratios. The new definition of Senior Secured Debt excludes $150 million of senior unsecured debentures Superior issued on October 27, 2009, which are included in the calculation of Total Debt. As a result of the new definition of Senior Secured Debt, Superior must maintain a Senior Secured Debt to EBITDA ratio of 3.0X's. Superior is permitted, as a result of acquisitions, to increase its Senior Secured Debt to EBITDA ratio to 3.5X's for a period of 90 days. Superior's Total Debt, excluding convertible unsecured subordinated debentures, to EBITDA ratio for compliance purposes is unchanged at 5.0X's. As a result of the expansion of Superior's syndicated credit facility and upon the anticipated closing of Superior's $60 million equity financing on February 10, 2010, Superior would have approximately $170 million of undrawn credit capacity available under its syndicated credit facility.

"We are pleased to have completed the expansion of our syndicated credit facility with strong support from our lenders. Superior continues to maintain the financial flexibility necessary to grow our businesses. Our strong balance sheet and prudent financial policies will allow Superior 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
    ---------------------
    

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                             100.0 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
    -------------------------------------------------------------------------
    

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, risks associated with the uncertainty associated with accessing capital markets and the risks related to Superior's businesses including those identified in Superior's 2008 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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