Superior Plus to redeem remaining C$25 million of 5.85% convertibles

By Tali David

Minneapolis, March 7 - Superior Plus Corp. said it would redeem the remaining C$25 million of its 5.85% convertible unsecured subordinated debentures due Oct. 31, 2015, according to a press release.

The debentures will be redeemed at par plus accrued interest up to the redemption date for a payment of C$1,025.6438 per C$1,000 principal amount on April 9.

Holders may also convert the debentures until the last business day prior to the redemption date into common shares at a conversion price of C$31.25, or 32 common shares per C$1,000 principal amount. Superior Plus stock closed at C$11.54 on Wednesday.

Superior Plus is based in Calgary, Alta. The company operates three primary businesses: energy services, specialty chemicals and construction products distribution.

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