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.
Superior Plus increased its senior secured credit facility from $620 million to $750 million with The Bank of Nova Scotia serving as administrative agent.
Superior Plus entered into an agreement with NGL Energy to acquire all of the outstanding equity interest in NGL Propane, the company’s retail propane distribution business, for total cash consideration of $900 million.
Superior Plus will acquire Gibson Energy’s industrial propane business in a transaction valued at $412 million. Bank of Nova Scotia and Canadian Imperial Bank of Commerce were said to have provided financing to support the deal.
Superior Plus’ wholly owned subsidiaries 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.