Superior Plus Corp. (TSX:SPB) ("Superior") is pleased to provide a
reminder that its Annual Investor Day will be held today at the
King Edward Hotel in Toronto. The formal presentation will commence
at 9:00 a.m. EST, a light breakfast and lunch will be served.
Members of the professional investment community are invited to
attend. Details of the event, including access to the live webcast,
can also be found on Superior's website at
www.superiorplus.com.
A copy of the presentation to be used by Superior in conjunction
with Investor Day will be posted on Superior's website at 8:00 a.m.
EST. The presentation will include an update and details on
Superior's business operations, business improvement initiatives,
strategy and future growth prospects post 2013. As detailed in the
presentation, Superior anticipates the business improvement
initiatives in conjunction with Superior's overall strategy and
business plan will provide the opportunity to achieve a growth rate
in adjusted operating cash flow per share for 2013, 2014 and 2015
of 7% to 10% per year.
Superior is also pleased to announce that it will redeem $50.0
million principal amount of its 5.85% convertible unsecured
subordinated debentures (the "Debentures") due October 31, 2015 in
accordance with the indenture governing the Debentures. The $50.0
million of Debentures will be redeemed on January 3, 2013 (the
"Redemption Date") at the redemption price (the "Redemption Price")
which is equal to the outstanding principal amount of the
Debentures to be redeemed, together with all accrued and unpaid
interest thereon up to the Redemption Date, being $1,010.2575 per
$1,000 principal amount of the Debentures. The Debentures that are
redeemed will cease to bear interest from and after the Redemption
Date.
The record date for the redemption is December 31, 2012. As a
result, Debentures purchased after December 31, 2012 will not
participate in the partial redemption. The Debentures to be
redeemed shall be selected by the debenture trustee on a pro rata
basis to the nearest multiple of $1,000. As a result, no Debenture
shall be redeemed in part unless the principal amount redeemed is
$1,000 or a multiple of $1,000.
The aggregate amount of 2012 Debentures outstanding as of the
date hereof is $75.0 million. Upon completion of this redemption,
the outstanding balance of the Debentures is expected to be $25.0
million.
Pursuant to the terms of the Indenture governing the Debentures,
holders of the Debentures that are to be redeemed have the right
until the last business day prior to the Redemption Date to convert
their Debentures into common shares of Superior ("Common Shares")
at a conversion price of $31.25, being a rate of 32.0000 Common
Shares per $1,000 principal amount of Debentures.
Superior expects to use funds from its credit facility to fund
the redemption of the Debentures.
Wayne Bingham, Executive Vice-President and Chief Financial
Officer stated "The redemption of $50 million of Debentures is
consistent with Superior's on going debt reduction plan and is
possible due to the success of our deleveraging plans and the
confidence we have in our business plan for 2013 and beyond.
Superior's debt reduction initiatives have been successful
throughout 2012, reducing our Total Debt to EBITDA to 4.1X's as at
September 30, 2012. By redeeming the Debentures in January 2013,
Superior is not only actively managing its balance sheet maturities
but will also benefit from a lower average interest rate as a
result of the refinancing."
Webcast of Investor Day Presentation
A webcast for investors, analysts, brokers and media
representatives to listen to the Investor Day presentation is
scheduled for 9:00 a.m. EST on Friday, November 30, 2012. To listen
to the webcast live, or as an archived recording which will be
available until November 29, 2013, listeners should go to
Superior's website at www.superiorplus.com under the webcasts
section.
About the Corporation
Superior consists of three primary operating businesses: Energy
Services includes the distribution of propane and distillates,
providing fixed-price energy services, and supply portfolio
management; Specialty Chemicals includes the manufacture and sale
of specialty chemicals; and Construction Products Distribution
includes the distribution of specialty construction products.
For further information about Superior, please visit our website
at: www.superiorplus.com.
Forward Looking Information
Certain information included herein is forward-looking, within
the meaning of applicable Canadian securities laws. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "could", "estimate",
"expect", "plan", "intend", "forecast", "future", "guidance",
"may", "predict", "project", "should", "strategy", "target", "will"
or similar words suggesting future outcomes or language suggesting
an outlook. Forward-looking information in this press release
includes anticipated adjusted operating cash flow growth rates in
2013, 2014 and 2015, the partial redemption of Debentures and
anticipated use of Superior's credit facility to fund such
redemption. Superior believes the expectations reflected in such
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.
Forward-looking information is based on various assumptions.
Those assumptions are based on information currently available to
Superior, including information obtained from third party industry
analysts and other third party sources and the historic performance
of Superior's businesses. Some of the more significant assumptions
supporting the forward looking information in this press release
are the outcomes and anticipated benefits of Superior's business
initiatives and continuous improvement projects, costs and benefits
associated with intellectual technology implementations,
anticipated pulp capacity growth, costs, timing and anticipated
benefits of major capital projects, anticipated U.S. and Canadian
housing starts, the availability and amount of Superior's tax
basis, economic growth rates, future average temperatures and
future exchange and interest rates. Further details relating to
these assumptions are contained in the Investor Day presentation
and Superior's 2012 Third Quarter Management's Discussion and
Analysis ("Q3 MD&A"). Additional assumptions are set forth
under the "Outlook" sections contained in Superior's Q3 MD&A.
Readers are cautioned that the preceding list of assumptions is not
exhaustive.
Forward-looking information is not a guarantee of future
performance. By its very nature, forward-looking information
involves inherent risks and uncertainties, both general and
specific, and risks that predictions, forecasts, projections and
other forward-looking information will not be achieved. Such risks
and uncertainties may cause Superior's or Superior Plus LP's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking information. We
caution readers not to place undue reliance on this information as
a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations
and anticipations, estimates and intentions expressed in such
forward-looking information. Some of the more significant risks
include the execution of Superior's business initiatives, volume
variability, weather conditions, general economic conditions,
product demand, availability and sources of funding, risks relating
to the availability of Superior tax basis resulting from the
conversion transaction, competition and changes in interest rates.
These risks, as well as additional risks and uncertainties are
described under the section entitled "Risk Factors to Superior", in
Superior's Q3 MD&A and in Superior's 2011 Annual Information
Form under the heading "Risk Factors", each of which are available
at www.sedar.com and from Superior's website at
www.superiorplus.com.
Readers are cautioned that the foregoing list of factors that
may affect future results is not exhaustive. Forward-looking
information contained in this press release is provided for the
purpose of providing information about management's goals, plans
and range of expectations for the future and may not be appropriate
for other purposes. When relying on our forward-looking information
to make decisions with respect to Superior, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Any forward-looking information
is made as of the date hereof and, except as required by law,
Superior does not undertake any obligation to publicly update or
revise such information to reflect new information, subsequent or
otherwise.
Non-IFRS Financial Measure - Adjusted Operating Cash Flow
Adjusted operating cash flow is equal to cash flow from
operating activities as defined by IFRS, adjusted for changes in
non-cash working capital, other expenses, non-cash interest
expense, current income taxes and finance costs. Superior may
deduct or include additional items to its calculation of adjusted
operating cash flow; these items would generally, but not
necessarily, be items of a non-recurring nature. Adjusted operating
cash flow is the main performance measure used by management and
investors to evaluate the performance of Superior. Readers are
cautioned that adjusted operating cash flow is not a defined
performance measure under IFRS and that adjusted operating cash
flow cannot be assured. Superior's calculation of adjusted
operating cash flow may differ from similar calculations used by
comparable entities. Adjusted operating cash flow represents cash
flow generated by Superior that is available for, but not
necessarily limited to, changes in working capital requirements,
investing activities and financing activities of Superior.
The seasonality of Superior's individual quarterly results must
be assessed in the context of annualized adjusted operating cash
flow. Adjustments recorded by Superior as part of its calculation
of adjusted operating cash flow include, but are not limited to,
the impact of the seasonality of Superior's businesses, principally
the Energy Services segment, by adjusting for non-cash working
capital items, thereby eliminating the impact of the timing between
the recognition and collection/payment of Superior's revenues and
expense, which can differ significantly from quarter to quarter.
Adjustments are also made to reclassify the cash flows related to
natural gas and electricity customer contract related costs in a
manner consistent with the income statement recognition of these
costs.
Contacts: Superior Plus Corp. Wayne Bingham Executive
Vice-President and Chief Financial Officer (403) 218-2951 (403)
218-2973 (FAX)wbingham@superiorplus.com Superior Plus Corp. Jay
Bachman Vice-President, Investor Relations and Treasurer (403)
218-2957 (403) 218-2973 (FAX) Toll Free: 1-866-490-PLUS
(7587)jbachman@superiorplus.com
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