Scotiabank, TD Securities Extend Superior Plus Credit Facility
Superior Plus announced that its wholly owned subsidiaries Superior Plus LP, Superior Plus US Financing and Comercial E Industrial ERCO (Chile) Limitada have completed an extension of $450 million of its $570 million syndicated credit facility, with Scotiabank Global Banking and Markets and TD Securities as co-lead arrangers, with a group of eight lenders.
The size of the facility and financial covenants were unchanged. The syndicated credit facility has a maturity of June 27, 2018 for $450 million of the facility, with the remaining $120 million maturing on June 27, 2016. Superior maintains the flexibility to extend the $120 million portion of the facility to June 27, 2018 as well as to expand the facility up to $750 million.
“We are pleased to have completed the extension of the syndicated credit facility with strong support from our lenders. With the extension of our syndicated credit facility, Superior maintains the financial flexibility necessary to operate its businesses over the long-term and meet its current debt maturities, in addition to maintaining our commitment to reduce our total debt obligations consistent with Superior’s debt reduction plan,” said Wayne Bingham, executive vice president and CFO.
Superior consists of three primary operating businesses: Energy Services, which includes the distribution of propane and distillates, providing fixed-price energy services and supply portfolio management; Specialty Chemicals, which includes the manufacture and sale of specialty chemicals; and Construction Products Distribution, which includes the distribution of specialty construction products.