Superior Plus calls C$50 million of convertible debentures due 2015

By Ashley Montgomery

Kansas City, Kan., Nov. 30 - Superior Plus Corp. plans to redeem C$50 million of its C$75 million of 5.85% convertible unsecured subordinated debentures due Oct. 31, 2015, the company announced in a news release.

The debentures will be redeemed on Jan. 3, 2013 at par plus accrued interest to the redemption date. The total price will be C$1,010.2575 per C$1,000 principal amount.

Holders may convert their debentures into common shares of the company until the last business day prior to the redemption date. The conversion price is C$31.25, or 32 common shares per C$1,000 principal amount.

The company said it would fund the redemption with a draw on its credit facility.

Following the redemption, C$25 million of the debentures will remain outstanding.

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

© 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.