Superior Plus Income Fund greenshoe brings convertible debenture offering to $175 million

By Jennifer Chiou

New York, June 14 - Superior Plus Income Fund announced the close of its $175 million offering of 5.75% convertible unsecured subordinated debentures due Dec. 31, 2012.

The principal amount included a $25 million greenshoe exercised June 3.

The debentures are convertible into the fund's fully paid trust units at a conversion price of $36.00 per unit, a rate of 27.7778 trust units per $1,000 principal amount of debentures.

Scotia Capital Inc. and RBC Capital Markets led the syndicate of underwriters that also included Canaccord Capital Corp.

Proceeds will be used to reduce bank debt, most of which is linked with the fund's wholly owned subsidiary, Superior Plus Inc., and the construction of a $65 million sodium chlorate plant in Chile.

Calgary-based Superior Propane is Canada's largest distributor of propane-related products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.