Superior Plus Announces CDN$60 Million Bought Deal Equity Financing and
Completion of US$125 Million Acquisition of Griffith Holdings, Inc.



CALGARY, Jan. 20 /CNW/ - Superior Plus Corp. ("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 Scotia Capital Inc., National Bank Financial Inc. and TD Securities Inc., including CIBC World Markets Inc., BMO Capital Markets and Cormark Securities Inc. for an offering of 4,350,000 common shares at $13.85 per share to raise gross proceeds of approximately $60 million. Closing is expected to occur on or about February 10, 2010 and is subject to customary regulatory approvals, including approval of the Toronto Stock Exchange. Superior has also granted the underwriters an over-allotment option to purchase, on the same terms, up to an additional 652,500 common shares to cover over-allotments. This option is exercisable, in whole or in part, by the underwriters at any time up to 30 days after closing. If the option is exercised in full, the total gross proceeds raised under this offering will be approximately $69 million. Superior intends to use the proceeds of the common share offering to repay existing revolving term bank debt issued in relation to the US$125 million acquisition of Griffith Holdings, Inc., announced on January 20, 2010. The acquisition was initially financed by Superior drawing on its $570 million syndicated credit facility. Upon closing the acquisition and the equity financing, Superior has approximately $124 million of undrawn credit capacity available under its $570 million syndicated credit. Superior continues to maintain a strong balance sheet as part of its growth strategy.

Additionally, Superior is pleased to announce that it has closed the previously announced acquisition of Griffith Holdings, Inc., a retail and wholesale distributor of retail propane, heating oil and motor fuels in upstate New York.

    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.


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

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