Superior Plus to redeem additional C$50 million of 5.75% convertibles

By Ashley Montgomery

Kansas City, Kan., Nov. 2 - Superior Plus Corp. said it would redeem an additional C$50 million principal amount of its 5.75% convertible unsecured subordinated debentures due Dec. 31, 2012.

The debentures will be redeemed Dec. 15 at par plus accrued interest, for a payment of C$1,026.4658 per C$1,000 principal amount.

Holders may also convert the debentures up to the last business day prior to redemption into common shares at a price of C$36.00, or 27.7778 common shares per C$1,000 principal amount. Superior Plus stock closed at C$6.82 on Wednesday.

As previously reported, the company also plans to redeem C$75 million of the debentures on Nov. 7.

Following both transactions, the amount outstanding will be C$49.95 million.

The redemption will be funded through the company's credit facility.

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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