Superior Plus announces CDN$45 million bought deal equity financing

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

    TSX: SPB
    

CALGARY, Nov. 4 /CNW/ - Superior is pleased to announce that it has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by National Bank Financial Inc., TD Securities Inc. and Scotia Capital Inc., and including CIBC World Markets Inc., BMO Capital Markets and Cormark Securities Inc. for an offering of 3,750,000 common shares to be issued at $12.00 per share for gross proceeds of approximately $45 million. Superior has also granted the underwriters an over-allotment option to purchase, on the same terms, up to an additional 416,667 common shares up to 30 days after closing to cover over-allotments. If the over-allotment option is exercised in full, the total gross proceeds raised under this offering will be approximately $50 million.

Superior intends to use the net proceeds of the offering to partially finance the previously announced acquisition of assets from Griffith Energy Services Inc. ("GES"). The remainder of the purchase price will be financed by Superior drawing on its $570 million syndicated credit facility. Closing of the offering is expected to occur on or about November 26, 2009 and is subject to customary regulatory approvals including approval of the Toronto Stock Exchange.

Superior's Executive Vice President and CFO Wayne Bingham commented, "Superior's ability to access capital markets cost effectively demonstrates confidence in Superior's existing operations and North American growth strategy."

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 Plus 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                 95.8 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 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. The company 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: 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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