Under the terms of the Transaction, Superior received
'We are excited to announce the close of the Transaction as this represents the completion of Superior's transformation into a pure-play energy distribution company,' said
Amended Senior Secured Credit Facility
Superior is also pleased to announce that its wholly-owned subsidiaries,
'We are pleased to have completed the extension of the Credit Facility with strong support from our lenders. 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,' said
Superior is committed to maintaining a resilient balance sheet with sufficient liquidity to grow the business through acquisitions and organic growth. 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
2021 Virtual Investor Day
Superior will host a virtual Investor Day on
To confirm your attendance for the event, please RSVP by emailing rsvpinvestorday@superiorplus.com. A link to the webcast along with the agenda for the event will be emailed to all participants and will also be posted on Superior's website in the 'Events' section closer to the time of Investor Day.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the
Contact:
Tel: (416) 340-6015
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'plan,' 'intend,' 'forecast,' 'future,' 'guidance,' 'may,' 'predict,' 'project,' 'should,' 'strategy,' 'target,' 'will' or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the use of proceeds from the Transaction, the anticipation that the
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior's annual management discussion and analysis and Superior's current annual information form for the fiscal year ended
Forward-looking information contained in this news 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. 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-GAAP Measures
Throughout this release, Superior has used the following terms that are not defined by International Financial Reporting Standards ('Non-GAAP Financial Measures'), but are used by management to evaluate the performance of Superior and its business: earnings before interest, taxes, depreciation and amortization ('EBITDA') and EBITDA from operations. These measures may also provide additional useful information to and be used by investors, financial institutions and credit rating agencies to assess Superior's performance and ability to service debt. Non-GAAP Financial Measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies as they may calculate them differently from Superior. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable GAAP financial measures.
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