Superior Plus to redeem all C$68.9 million 7.5% convertibles Sept. 3

By Tali David

Minneapolis, July 22 - Superior Plus Corp. will redeem all C$68.9 million of its 7.5% convertible unsecured subordinated debentures due Dec. 31, 2014, the company announced in a press release.

The debentures will be redeemed at par plus accrued interest up to the redemption date, for a payment of C$1,013.3562 per C$1,000 principal amount, on Sept. 3.

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$13.10, or 76.3359 common shares per C$1,000 principal amount.

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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