Superior Plus C$9 million greenshoe exercised in full

By Marisa Wong

Milwaukee, Sept. 23 - Superior Plus Corp. announced that the underwriters of its recent offering of 7.5% convertible debentures due 2014 exercised the C$9 million over-allotment option, increasing the size of the offering to C$69 million.

Superior priced C$60 million of the five-year convertibles on Aug. 10 to yield 7.5% with an initial 18% conversion premium. The C$60 million offering closed on Aug. 28.

Superior also announced in a press release that it has concurrently closed the sale of 3.97 million common shares at C$11.35 per common share for gross proceeds of $45.1 million.

The issue was made via a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., and including National Bank Financial Inc., CIBC, BMO Capital Markets and Cormark Securities Inc.

As previously announced, Superior intends to use the net proceeds from the financing to partially finance the acquisition of certain assets which make up a retail heating oil and propane distribution business from Sunoco, Inc. (R&M), and Sunoco, Inc.

Calgary, Alta.-based Superior Plus is a distributor of propane-related products.

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