EDC contributed $25 million towards a $570 million syndicated revolving credit facility for Superior Plus Corp. The transaction was facilitated under EDC's temporary two-year broadening of its mandate to undertake domestic financing and insurance. EDC's domestic powers were enacted on March 12.
Superior Plus Corp. has four Canadian-based operating businesses: propane distribution; specialty chemicals; construction products distribution; and fixed-price energy services. "We are very pleased with the addition of EDC to our lending syndicate," said Wayne Bingham Executive Vice President and CFO of Superior Plus Corp. "The strong support from EDC provided new debt capital and increased financial flexibility to grow our divisional operations during these uncertain credit markets."
"Scotia Capital welcomes EDC's participation in this transaction. It is a good example of the effectiveness of the federal government's new Business Credit Availability Program (BCAP)," said Bob Finlay, Managing Director and Head, Corporate Banking Canada. "BCAP is an important component of our continuing work with EDC in providing financing to Canadian businesses."