CALGARY, ALBERTA--(Marketwired - June 20, 2014) - Superior Plus Corp. ("Superior") (TSX:SPB) is pleased to announce that its wholly-owned subsidiaries Superior Plus LP, Superior Plus US Financing Inc. and Comercial E Industrial ERCO (Chile) Limitada have completed an extension of $450 million of its $570 million syndicated credit facility, with Scotiabank Global Banking and Markets and TD Securities as Co-Lead Arrangers, with a group of eight lenders. The size of the facility and financial covenants were unchanged. The syndicated credit facility has a maturity of June 27, 2018 for $450 million of the facility with the remaining $120 million maturing on June 27, 2016. Superior maintains the flexibility to extend the $120 million portion of the facility to June 27, 2018 as well as to expand the facility up to $750 million.
"We are pleased to have completed the extension of the syndicated credit facility with strong support from our lenders. With the extension of our syndicated credit facility, Superior maintains the financial flexibility necessary to operate its businesses over the long-term and meet its current debt maturities, in addition to maintaining our commitment to reduce our total debt obligations consistent with Superior's debt reduction plan," said Wayne Bingham, Executive Vice President and CFO.
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.
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. Forward-looking information in this Press Release includes but is not limited to, statements concerning future business operations, repayment of debt maturities and repayments related to Superior's debt reduction plan. 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 not a guarantee of future performance and involves a number of assumptions, risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These assumptions, risks and uncertainties include but are not limited to future total debt levels and debt repayments, and the risks identified in the Corporation's 2013 Annual Information Form under the heading "Forward-Looking Information" and "Risk Factors", which is available on the SEDAR website (www.sedar.com). 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.