Superior Plus to redeem all 7.5% convertibles due 2016 on Dec. 14

By Tali Rackner

Norfolk, Va., Nov. 10 – Superior Plus Corp. plans to redeem all C$69.3 million of its 7.5% convertible unsecured debentures due Oct. 31, 2016, according to a press release.

The notes will be redeemed at C$1,009.04 per C$1,000 principal amount on Dec. 14.

Superior Plus intends to use funds from its existing credit facility to fund the redemption.

Holders may convert the securities into stock at a conversion price of C$11.35, equal to 88.1057 common shares per C$1,000 principal amount, until the last business day before the redemption date.

Superior Plus stock (TSX: SPB) closed at C$10.53 on Tuesday.

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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