Superior Plus subsidiaries extend C$570 million revolver to 2019

By Angela McDaniels

Tacoma, Wash., Dec. 22 – Superior Plus Corp. subsidiaries Superior Plus LP, Superior Plus US Financing Inc. and Comercial E Industrial ERCO (Chile) Ltda. extended their C$570 million revolving credit facility to Dec. 22, 2019, according to a company news release.

Scotiabank Global Banking and Markets and TD Securities are the co-lead arrangers.

The revolver will automatically increase to C$775 million, with the same financial covenant package, when the company’s acquisition of Canexus Corp. is completed.

There were no changes made to the financial covenants, and the C$180 million accordion feature has been maintained.

In connection with the extension of the revolver, Superior Plus permanently reduced its bridge facility to C$445 million from C$650 million. National Bank of Canada and J.P. Morgan Securities LLC are the co-lead arrangers.

Superior Plus is based in Toronto and consists of three primary operating businesses: energy services, specialty chemicals and construction products distribution.

Calgary, Alta.-based Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries.

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