\nSuperior Plus Corp. (\u201cSuperior\u201d) (TSX:SPB) announced today the financial and operating results for the third quarter ended September 30, 2020. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.\n<\/p>\n
\n\u201cDuring the third quarter, we closed the preferred share investment from Brookfield and used the proceeds to reduce our debt and execute two retail propane acquisitions in our current footprint in the U.S. Northeast,\u201d said Luc Desjardins, President and Chief Executive Officer. \u201cSubsequent to quarter end, we made two more retail propane acquisitions in California and the Eastern U.S., further demonstrating our robust pipeline of acquisition opportunities and our ability to execute on acquisitions, even in the current environment.\u201d\n<\/p>\n
\n\u201cSuperior delivered improved third quarter results in our U.S. and Canadian propane distribution businesses driven primarily by lower operating costs,\u201d continued Mr. Desjardins. \u201cOur Specialty Chemicals business results were lower due to continued weakness in the caustic soda and hydrochloric acid markets. We are maintaining our Adjusted EBITDA guidance as our businesses continue to demonstrate resiliency, and we remain focused on creating sustainable earnings growth for the future. Our residential and industrial sales volumes in Canada are relatively consistent with prior year, and we have seen a similar trend in our residential and commercial propane sales volumes in the U.S.\u201d\n<\/p>\n
\n\u201cI am proud of the way our employees have quickly adapted to the situation and continue to provide our customers with high-quality services and products in a safe manner,\u201d added Mr. Desjardins.\n<\/p>\n
Business and Financial Highlights<\/b><\/p>\n Financial Overview<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Nine Months Ended <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n<\/tr>\n (millions of dollars, except per share amounts)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2019\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 399.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n450.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,690.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,031.9\n<\/p>\n<\/td>\n<\/tr>\n \nGross Profit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 166.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n195.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 785.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n847.0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings (loss)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (21.4)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(59.3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (2.5)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68.0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings (loss) for the period attributable to common shareholders\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (26.8)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(59.3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (7.9)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68.0\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings for the period attributable to non-controlling interest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 5.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 5.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n<\/tr>\n \nNet earnings (loss) per share (1)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.15)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.34)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.05)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.39\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA from operations (2)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 45.9<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 346.7<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n374.3\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA (2)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 39.1<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n48.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 326.1<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n347.8\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash flows from operating activities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 17.2<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 289.6<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n314.9\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash flows from operating activities per share (1)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.09<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.22\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.57<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.80\n<\/p>\n<\/td>\n<\/tr>\n \nAOCF before transaction and other costs (2)(3)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 12.5<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 241.2<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n261.2\n<\/p>\n<\/td>\n<\/tr>\n \nAOCF before transaction and other costs per share (1)(2)(3)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.06<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.31<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.49\n<\/p>\n<\/td>\n<\/tr>\n \nAOCF (2)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 6.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 224.6<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n236.9\n<\/p>\n<\/td>\n<\/tr>\n \nAOCF per share (1)(2)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.03<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.07\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.22<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.35\n<\/p>\n<\/td>\n<\/tr>\n \nCash dividends declared\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 31.8<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 94.8<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94.4\n<\/p>\n<\/td>\n<\/tr>\n \nCash dividends declared per share\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.18<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.18\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.54<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.54\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \nThe weighted average number of shares outstanding for the three and nine months ended September 30, 2020 was 201.8 million and 184.2 million, respectively (three and nine months ended September 30, 2019 was 174.9 million). The weighted average number of shares assumes the conversion of the preferred shares into common shares. There were no other dilutive instruments with respect to AOCF per share and AOCF before transaction and other costs per share for the three and nine months ended September 30, 2020 and 2019.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \nEBITDA from operations, Adjusted EBITDA and AOCF are non-GAAP measures. Refer to \u201cNon-GAAP Financial Measures\u201d for further details and the Third Quarter Management Discussion & Analysis (\u201cMD&A\u201d) for reconciliations.\n<\/p>\n<\/td>\n<\/tr>\n \n(3)\n<\/p>\n<\/td>\n \nTransaction and other costs for the three months ended September 30, 2020 and 2019 are related to acquisition activity and the integration of acquisitions. See \u201cTransaction and Other Costs\u201d for further details.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Segmented Information <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (millions of dollars)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2019\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nEBITDA from operations(1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCanadian Propane Distribution\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 21.6<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 129.4<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125.2\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nU.S. Propane Distribution\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (4.0)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7.0)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 126.5<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n131.2\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nSpecialty Chemicals\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 28.3<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 90.8<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n117.9\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 45.9<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 346.7<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n374.3\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \nSee \u201cNon-GAAP Financial Measures\u201d.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Brookfield Investment<\/b><\/p>\n \nOn July 13, 2020, Superior issued 260,000 perpetual exchangeable preferred shares (the \u201cPreferred Shares\u201d) in its wholly owned subsidiary Superior Plus US Holdings Inc. for gross proceeds of US$260 million (the \u201cBrookfield Investment\u201d) to an affiliate of Brookfield Asset Management Inc. (\u201cBrookfield\u201d), on a private placement basis. The Preferred Shares entitle the holders to a monthly dividend at a current rate of 7.25% per annum through to the end of Superior\u2019s second fiscal quarter in 2027, and may be exchanged, at Brookfield\u2019s option, into common shares of Superior at an exchange price of US $8.67 per common share (or approximately CDN $11.63 (1) <\/sup>per common share). On an as-exchanged basis, the Brookfield Investment currently represents approximately 15% of the pro forma fully diluted outstanding common shares.\n<\/p>\n \nSuperior used the proceeds of the Brookfield Investment to reduce the credit facility debt.\n<\/p>\n Business Development and Acquisition Update<\/b><\/p>\n \nOn August 3, 2020, Superior acquired the assets of a retail propane distribution company, operating under the tradename, Champagne\u2019s Energy (\u201cChampagne\u201d), for total consideration of approximately US$27.4 million (CDN $36.7 million). The purchase price was paid primarily with cash from Superior\u2019s credit facility. Champagne is a retail distributor delivering approximately 41.0 million litres of propane and distillates annually to residential and commercial customers in Maine.\n<\/p>\n \nOn September 1, 2020, Superior acquired the assets of a retail propane and heating oil distribution company, operating under the tradename, Rymes Propane and Oil (\u201cRymes\u201d), for total consideration of approximately US$151.6 million (CDN $198.0 million). The purchase price was paid primarily with cash from Superior\u2019s credit facility. Rymes is a retail distributor delivering approximately 204.0 million litres of propane and distillates annually to residential and commercial customers in New Hampshire, Maine, Massachusetts and Vermont.\n<\/p>\n \nOn October 15, 2020, Superior acquired all of the equity interests of a Southern California propane distribution company, operating under the tradename, Central Coast Propane (\u201cCentral Coast\u201d), for total consideration of approximately US$12.9 million (CDN $16.8 million). The purchase price was paid primarily with cash from Superior\u2019s credit facility. Central Coast is a retail distributor delivering approximately 5.0 million litres of propane to approximately 2,800 residential and commercial customers in Southern California.\n<\/p>\n \nOn October 27, 2020, Superior acquired the assets of a retail propane distribution company, operating under the tradename, Petro Home Services (\u201cPetro\u201d), for total consideration of approximately US$6.1 million (CDN $8.1 million). The purchase price was paid primarily with cash from Superior\u2019s credit facility. Petro is a retail distributor delivering approximately 11.0 million litres of propane annually to 11,000 customers in North Carolina, South Carolina, Georgia and Tennessee.\n<\/p>\n Adjusted EBITDA Guidance and Leverage Update<\/b><\/p>\n \nSuperior\u2019s outlook for 2020 remains unchanged, with expected Adjusted EBITDA in the previously disclosed guidance range of $475 million to $515 million. Average weather, as measured by degree days for the remainder of 2020 is anticipated to be consistent with the five-year average for Canada and the U.S.\n<\/p>\n \nSuperior remains focused on managing both its debt and its leverage ratio. Superior\u2019s Total Debt to Adjusted EBITDA leverage ratio for the trailing twelve months was 3.4x as at September 30, 2020, compared to 3.7x at June 30, 2020 and December 31, 2019. The decrease in the leverage ratio from June 30, 2020 and December 31, 2019 was primarily due to lower debt, partially offset by higher Pro Forma Adjusted EBITDA related to acquisitions made during the trailing-twelve months.\n<\/p>\n \nSuperior\u2019s Total Debt as at September 30, 2020, was $1,849.0 million, a decrease of $32.7 million from June 30, 2020 and $107.1 million from December 31, 2019. The decrease from June 30, 2020 was primarily due to the proceeds from the Brookfield Investment, which were used to reduce the credit facility, partially offset by the acquisition of Rymes and Champagne, which were funded primarily using the credit facility.\n<\/p>\n \nSuperior is well within its covenants under its credit facility agreement and unsecured note indentures. Superior\u2019s Senior debt to Credit Facility EBITDA ratio was 3.4x as at September 30, 2020, and cannot exceed 5.0x. Superior also had available liquidity of $381.0 million available under the credit facility as at September 30, 2020.\n<\/p>\n \nSuperior expects Total Debt to Adjusted EBITDA at December 31, 2020 to be in the range of 3.0x to 3.5x, consistent with the previously disclosed guidance range and consistent with Superior\u2019s long-term range.\n<\/p>\n MD&A and Financial Statements<\/b><\/p>\n \nSuperior\u2019s MD&A, the unaudited Condensed Interim Consolidated Financial Statements and the Notes to the Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2020 provide a detailed explanation of Superior\u2019s operating results. These documents are available online at Superior\u2019s website at www.superiorplus.com<\/a> under the Investor Relations section and on SEDAR under Superior\u2019s profile at www.sedar.com<\/a>.\n<\/p>\n 2020 Third Quarter Conference Call<\/b><\/p>\n \n(1)\n<\/p>\n<\/td>\n \nThe CDN $11.63 conversion price is based on the USDCAD rate at the time of the Brookfield Investment.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor more information about Superior, visit our website at www.superiorplus.com<\/a>.\n<\/p>\n\n
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