Superior Plus LP, Superior General Partner and Superior Plus US Financing completed an extension of their $750 million senior secured revolving credit facility. The Bank of Nova Scotia and TD Securities are co-lead arrangers for the facility, which also includes a syndicate of 10 lenders.
The credit facility will now mature in May of 2026 and has been amended to reflect the release of certain obligors from its terms as a result of the transaction. There have been no changes to the total commitments available under the credit facility of $750 million, the accordion facility capacity of $300 million or the financial covenants.
Superior Plus LP, Superior General Partner and Superior Plus US Financing are wholly-owned subsidiaries of Superior Plus Corp.
“We are pleased to have completed the extension of the credit facility with strong support from our lenders,” Beth Summers, executive vice president and CFO for Superior Plus, said. “Superior continues to maintain its financial flexibility and low borrowing costs to support our energy distribution growth strategy through acquisitions and organic growth. Our strong balance sheet, along with prudent financial policies, supports our ability to pursue accretive growth opportunities to create long-term value for our shareholders.”
Superior plans to use the net proceeds from the transaction initially to reduce debt, including paying down outstanding loans under the credit facility. As a result of the transaction, Superior’s available liquidity based on borrowing capacity under the credit facility and cash on hand is approximately $1.2 billion. Superior expects to use the available liquidity for additional debt repayment and acquisitions.