Superior Plus announces CDN$45 million bought deal equity financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTSX: SPB
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
Superior's Executive Vice President and CFO
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.
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: [email protected] or A. Scott Daniel, Vice-President, Treasurer and Investor Relations, Tel: (403) 218-2953, Fax: (403) 218-2973, E-mail: [email protected], Toll Free: 1-866-490-PLUS (7587)
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