By Paul A. Harris
Portland, Ore., March 1 – Superior Plus LP and Superior General Partner Inc. priced an upsized $600 million issue of eight-year senior notes (Ba3) at par to yield 4½% in a Monday drive-by, according to a syndicate source.
The issue size increased from $500 million.
The yield printed at the tight end of the 4½% to 4¾% yield talk.
Joint active bookrunner RBC will bill and deliver. JPMorgan and BMO were also joint active bookrunners. Additional bookrunners were Wells Fargo, National Bank, CIBC and TD.
The Toronto-based propane distributor and marketer plans to use the proceeds to repay its existing notes due 2026, as well as borrowings under its revolver. Incremental proceeds resulting from the $100 million upsizing of the deal will be used to repay bank debt.
| Issuers: | Superior Plus LP and Superior General Partner Inc.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | March 15, 2029
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| Securities: | Senior notes
|
| Joint active bookrunners: | RBC (bill and deliver), JPMorgan and BMO
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| Joint bookrunners: | Wells Fargo, National Bank, CIBC and TD
|
| Co-managers: | Raymond James, Desjardins and Canaccord
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 326.8 bps
|
| First call: | March 15, 2024 at 102.25
|
| Trade date: | March 1
|
| Settlement date: | March 11
|
| Rating: | Moody’s: Ba3
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
|
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