Superior Plus greenshoe exercised, ups convertible sale to C$92 million

By Tali David

Minneapolis, July 30 - Underwriters for Superior Plus Corp.'s 6% convertible unsecured subordinated debenture offering exercised their over-allotment option in full for an additional C$12 million, according to a press release.

The company priced C$80 million of the convertibles on July 2.

As previously reported, the issue was made via a syndicate of underwriters co-led by Scotiabank and TD Securities Inc. and including BMO Capital Markets, CIBC, National Bank Financial Inc. and Cormark Securities Inc.

Proceeds will be used initially to repay debt under the company's credit facility, which will then be available to be drawn as required to fund the redemption of its 7.5% convertible debentures that are callable on Aug. 31 and for working capital.

Superior is a Calgary, Alta.-based marketer of propane, propane-burning appliances and related support services.

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