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Superior Plus Announces Closing of Senior Unsecured Note Financing
Oct. 16, 2017 08:53AM PST
Cleantech InvestingSuperior Plus (TSX:SPB) has announced that its indirect wholly owned subsidiary Superior Plus LP has closed on its previously announced private placement of $150 million principal amount of 5.25 percent Senior Unsecured Notes due February 27, 2024. As quoted in the press release: Superior LP intends to use the net proceeds of the Offering to …
Superior Plus (TSX:SPB) has announced that its indirect wholly owned subsidiary Superior Plus LP has closed on its previously announced private placement of $150 million principal amount of 5.25 percent Senior Unsecured Notes due February 27, 2024.
As quoted in the press release:
Superior LP intends to use the net proceeds of the Offering to fund the redemption of Superior’s issued and outstanding 6.00% convertible unsecured subordinated debentures due June 30, 2019 (of which there is $97 million aggregate principal amount outstanding) (the 6.00% Debentures), and to initially repay drawn amounts under Superior LP’s syndicated revolving credit facility, which can be redrawn for general corporate purposes. The redemption date in respect of the 6.00% Debentures is November 15, 2017.
The Offering was underwritten by National Bank Financial Inc., CIBC World Markets Inc. and BMO Nesbitt Burns Inc., as joint book-running managers and Scotia Capital Inc., TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., AltaCorp Capital Inc., Casgrain & Company Limited. and Cormark Securities Inc. as co-managers.
The offer and sale of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act), or applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis exempt from the prospectus requirements of such securities laws.
This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to sell or an offer to purchase, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.
