TORONTO, ONTARIO--(Marketwired - Aug. 11, 2016) - Superior Plus Corp. ("Superior") (TSX:SPB) is announcing
that it will redeem the entire $149,999,500 outstanding principal amount of its 6.00% convertible unsecured subordinated
debentures due June 30, 2018 (the "6.00% Debentures") in accordance with the indenture governing the 6.00% Debentures. The
6.00% Debentures will be redeemed on September 15, 2016 (the "Redemption Date") at the redemption price (the "Redemption Price")
which is equal to the outstanding principal amount of the 6.00% Debentures to be redeemed, together with all accrued and unpaid
interest thereon up to the Redemption Date, being $1,012.6575 per $1,000 principal amount of the 6.00% Debentures. The 6.00%
Debentures that are redeemed will cease to bear interest from and after the Redemption Date. Superior intends to use funds from
its existing credit facility to fund the redemption of the 6.00% Debentures.
Pursuant to the terms of the indenture governing the 6.00% Debentures, holders of the 6.00% Debentures have the right until
the last business day prior to the Redemption Date to convert their 6.00% Debentures into common shares of Superior ("Common
Shares") at a conversion price of $15.10, being a rate of 66.2252 Common Shares per $1,000 principal amount of 6.00%
Debentures.
"We are pleased to announce the redemption of the 6.00% Debentures. The divestiture of the Construction Products Distribution
business on August 9, 2016 has reduced Superior's total leverage and has provided Superior with the necessary financial
flexibility to be able to proactively manage its balance sheet maturities and optimize interest costs while maintaining
sufficient flexibility to operate the businesses and pursue accretive acquisitions," stated Beth Summers, Vice-President and
Chief Financial Officer.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and
distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty
chemicals.
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. 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 the redemption and the anticipated source
of funds for the redemption of the 6.00% Debentures. 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 information
should not be unduly relied upon.
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. These risks include, but are not limited to, those
identified in Superior's 2015 Annual Information Form under the heading "Risk Factors". Should one or more of these risks and
uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in
future periods may 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.
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.