Superior Plus to redeem all 5.75% convertibles due 2017 on June 30

New York, May 26 – Superior Plus Corp. said it will redeem all C$172.5 million of its 5.75% convertible unsecured debentures due June 30, 2017 on June 30.

The company will pay C$1,028.75 per C$1,000 principal amount plus accrued interest up to the redemption date.

Holders may convert the securities into stock at a conversion price of C$19.00 until the last business day before the redemption date. Superior Plus stock closed at C$13.65 on Monday.

Funding for the redemption will come from the company’s credit facility.

“We are pleased to be able to announce the redemption of the 5.75% debentures. Superior’s ongoing focus on reducing total leverage has provided Superior with the necessary financial flexibility to be able to proactively manage its balance sheet maturities and optimize interest costs while maintaining sufficient flexibility to operate the businesses,” said Wayne Bingham, executive vice president and chief financial officer, in a news release.

Superior Plus is a Calgary, Alta.-based provider of energy services, manufacturer of specialty chemicals and distributor of specialty construction products.

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