Superior Plus unit begins tender offer for C$150 million 8¼% notes

By Susanna Moon

Chicago, June 14 - Superior Plus Corp. said wholly owned subsidiary Superior Plus LP began a tender offer for its outstanding C$150 million 8¼% senior debentures due Oct. 27, 2016.

Superior also is soliciting consents to amend the notes, according to a company press release.

The total purchase price will be C$1,062.07, including a C$30 early tender premium, for each C$1,000 principal amount of notes tendered by 5 p.m. ET on June 26.

Holders who tender their notes after the early date will receive C$1,032.07 per C$1,000 of notes.

The tender offer will end midnight ET on July 11.

The company also will pay accrued interest to but excluding the payment date.

Tendered notes may be withdrawn by the earlier of the consent deadline and the execution of the supplemental indenture.

The company must secure consents from holders of at least 66 2/3% of the outstanding notes in order to amend the notes and execute a supplemental indenture.

Scotia Capital Inc. (888 776-3666 or 416 863-7257) is the dealer manager and solicitation agent. Georgeson Shareholder Communications Canada Inc. (866 656-4104 or by email to askus@georgeson.com) is the information agent, and Computershare Investor Services Inc. (800 564-6253 or by email to corporateactions@computershare.com) is the depositary.

Superior LP said it plans to issue about C$150 million of notes to fund the offer.

Superior Plus is based in Calgary, Alta. The company operates three primary businesses: energy services, specialty chemicals and construction products distribution.

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