Press release from Marketwire
Superior Plus Announces Redemption of 8.25% Senior Unsecured Debentures Due October 27, 2016
Thursday, September 19, 2013
Superior Plus Announces Redemption of 8.25% Senior Unsecured Debentures Due October 27, 201608:52 EDT Thursday, September 19, 2013
CALGARY, ALBERTA--(Marketwired - Sept. 19, 2013) - Superior Plus Corp. (TSX:SPB) ("Superior" or the "Corporation") is pleased to announce that Superior Plus LP will redeem all of its outstanding $150 million 8.25% senior unsecured debentures (the "8.25% Debentures") due October 27, 2016 in accordance with the indenture governing the 8.25% Debentures. The 8.25% Debentures will be redeemed on October 28, 2013 (the "Redemption Date") at the redemption price set forth in the indenture of $1,041.25 per $1,000 principal amount of 8.25% Debentures (the "Redemption Price"), together with all accrued and unpaid interest thereon up to the Redemption Date, for a total amount payable on redemption of $1,041.47603 per $1,000 principal amount of 8.25% Debentures. The 8.25% Debentures that are redeemed will cease to bear interest from and after the Redemption Date.
Superior Plus LP will use funds from its credit facility to fund the redemption of the 8.25% Debentures.
Wayne Bingham, Executive Vice-President and Chief Financial Officer stated, "As a result of our on-going debt reduction efforts Superior has the financial flexibility to redeem the $150 million 8.25% Debentures by drawing on our revolving term credit facility which allows Superior to benefit from lower average interest costs. As part of Superior's overall balance sheet management, Superior remains committed to reducing its total debt to EBITDA to 3.0X to 3.5X with an emphasis on the lower part of the range."
About the Corporation
Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates, providing fixed-price energy services, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the proposed redemption of 8.25% Debentures and anticipated debt leverage ratios. 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 information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Non-IFRS Financial Measures
EBITDA represents earnings before taxes, depreciation, amortization, finance expense and certain other non-cash expenses, and is used by Superior to assess its consolidated results and the results of its operating segments. EBITDA is not a defined performance measure under IFRS. Superior's calculation of EBITDA may differ from similar calculations used by comparable entities.
FOR FURTHER INFORMATION PLEASE CONTACT:
Superior Plus Corp.
Executive Vice-President and Chief Financial Officer
(403) 218-2951 or or Toll Free: 1-866-490-PLUS (7587)
(403) 218-2973 (FAX)
Superior Plus Corp.
Vice-President, Investor Relations and Treasurer
(403) 218-2957 or or Toll Free: 1-866-490-PLUS (7587)
(403) 218-2973 (FAX)