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Brookfield anchors C$288m equity offering by Superior Plus

Superior Plus Corp, a Toronto-based distributor and marketer of propane and distillates, has closed a bought deal equity offering, raising about C$288 million.

Superior Plus Corp, a Toronto-based distributor and marketer of propane and distillates, has closed a bought deal equity offering, raising about C$288 million. Brookfield Asset Management, one of the company’s largest investors, anchored the offering, investing about C$75 million. Superior said the proceeds will be used in part for future acquisitions.

PRESS RELEASE

TORONTO–(BUSINESS WIRE)–Superior Plus Corp. (“Superior”) (TSX: SPB) is pleased to announce the successful closing of its previously announced bought deal equity offering of 25,670,300 common shares (“Shares”) at a price of $11.20 per Share (the “Offering Price”), for aggregate gross proceeds of approximately $288 million (the “Offering”). The Offering included 3,348,300 Shares issued pursuant to the exercise in full by the underwriters of their over-allotment option.

The Offering was sold on a bought deal basis to a syndicate of underwriters bookrun by CIBC Capital Markets, and including National Bank Financial Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., ATB Capital Markets Inc., Cormark Securities Inc. and iA Private Wealth Inc. Brookfield, one of Superior’s largest investors, participated as an anchor investor in the Offering and purchased approximately $75 million in Shares at the Offering Price through its Special Investments program.

The Offering was made under Superior’s short form base shelf prospectus dated May 25, 2021. The terms of the Offering are described in a prospectus supplement dated March 30, 2022, which was filed with securities regulators in each of the provinces and territories of Canada.
Superior intends to use the net proceeds of the Offering to reduce existing indebtedness and for general corporate purposes, including to fund future acquisitions.

This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.