Published on 4/27/2021 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Superior Plus prices C$500 million 4¼% eight-year notes
By Wendy Van Sickle
Columbus, Ohio, April 27 – Superior Plus LP priced C$500 million of 4¼% eight-year senior notes (Ba3) at par, according to a news release Tuesday.
Joint bookrunners are National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
The Toronto-based propane distributor and marketer plans to use the proceeds together with borrowings under its credit facilities and cash on hand, to redeem all of its outstanding C$400 million 5¼% senior notes due Feb. 27, 2024 and C$370 million of 5 1/8% senior notes due Aug. 27, 2025.
| Issuers: | Superior Plus LP
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| Amount: | C$500 million
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| Maturity: | May 18, 2028
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| Securities: | Senior notes
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| Joint bookrunners: | National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
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| Co-managers: | ATB Capital Markets Inc., Canaccord Genuity Corp., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Wells Fargo Securities Canada, Ltd., Casgrain & Co. Ltd., Cormark Securities Inc., iA Private Wealth Inc. and Raymond James Ltd.
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| Trade date: | April 27
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| Settlement date: | May 18
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| Rating: | Moody’s: Ba3
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| Distribution: | Canada
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