Superior Plus Announces Completion of Common Share Financing


    TSX: SPB

CALGARY, Nov. 26 /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 4,166,667 common shares in the capital of the Corporation ("Common Shares") at a price of $12.00 per Common Share for gross proceeds of approximately $50.0 million. The gross proceeds include the full exercise of the over-allotment option granted to the underwriters.

The Common Shares were offered to the public through a syndicate of underwriters which was co-led by National Bank Financial Inc., TD Securities Inc., and Scotia Capital Inc., and included CIBC World Markets Inc., BMO Capital Markets 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 from Griffith Energy Services, Inc. ("Griffith") which make up a retail heating oil, propane and motor fuels distribution business The Common Shares of Superior are traded on the Toronto Stock Exchange under the symbol "SPB".

    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.

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

    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    7.50% 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 Griffith. 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.


For further information: For further information: about Superior Plus, 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)

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890