Superior Plus’ $600 Million Senior Unsecured Notes

Torys LLP represented Superior Plus in the offering.

On March 11, 2021, Superior Plus Corp. announced the closing of a private placement offering by its wholly-owned subsidiaries, Superior Plus LP (“Superior LP”) and Superior General Partner Inc. (together with Superior LP, the “Issuers”) of US$600 million principal amount of 4.500% senior unsecured notes due March 15, 2029. The notes were issued at par and were guaranteed by Superior and certain of its wholly-owned subsidiaries.

The offering was made solely by means of a private placement to either qualified institutional buyers in the United States, as defined in Rule 144A under the U.S. Securities Act of 1933, or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the Act. The notes were also offered and sold on a private placement basis to certain accredited investors in Canada.

The Issuers used the net proceeds of the offering to redeem in full their 7.0% senior unsecured notes due July 15, 2026 at a redemption price of 107.444% and will use all remaining net proceeds to repay a portion of the outstanding indebtedness under the Issuers’ senior credit facility.

Superior Plus currently consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
 

The Torys team included Mile Kurta (Picture), Chris Bornhorst, David Marshall and Winnie Hu (corporate/U.S securities), Lianne Tysowski, Michael Zackheim and Brianna Pioli (Canadian securities), Jonathan Wiener and Nina Mansoori (lending), David Mattingly and Chris Saki (U.S. tax), Craig Maurice and Samantha Holloway (Canadian tax).

 

Involved fees earner: Chris Bornhorst – Torys LLP; Samantha Holloway – Torys LLP; Winnie Hu – Torys LLP; Mile Kurta – Torys LLP; Nina Mansoori – Torys LLP; David Marshall – Torys LLP; David Mattingly – Torys LLP; Craig Maurice – Torys LLP; Christopher Saki – Torys LLP; Lianne Tysowski – Torys LLP; Michael Zackheim – Torys LLP;

Law Firms: Torys LLP;

Clients: Superior Plus Corporation;

Author: Martina Bellini