Symphony Floating Rate Senior Loan Fund Completes Treasury Offering
06 Febbraio 2013 - 3:07PM
Marketwired
Symphony Floating Rate Senior Loan Fund (TSX:SSF.UN) is pleased to
announce the completion of its treasury offering of approximately
12.5 million Class A and Class U units for aggregate gross proceeds
of approximately $130.6 million. The Class A units will continue to
trade on the Toronto Stock Exchange under the existing symbol
SSF.UN. The Class U units are convertible into Class A units. The
Class A and Class U units were offered at a price of $10.45 and
US$10.45, respectively. The offering price of the units was
determined so as to be non-dilutive to existing unitholders as of
the pricing date.
The Fund's investment objectives are to (i) provide monthly
tax-advantaged distributions consisting primarily of returns of
capital; and (ii) preserve capital, in each case, through exposure,
pursuant to a forward agreement, to an actively managed,
diversified portfolio consisting primarily of floating rate senior
corporate debt instruments, including senior secured loans and
other senior debt obligations of North American non-investment
grade corporate borrowers. The Fund's distribution target is
$0.05833 per Class A unit per month and US$0.05833 per Class U unit
per month, consisting primarily of tax-efficient returns of
capital. The Manager hedges substantially all of the value of the
portfolio attributable to the Class A units to the Canadian dollar.
The value of the portfolio attributable to the Class U units is
unhedged.
Symphony Asset Management LLC acts as sub-advisor for SSF Trust
in connection with the selection, purchase and sale of senior loans
and other assets of the portfolio. Backed by an
institutional-calibre integrated credit platform and supported by a
19-member team of experienced credit investment professionals,
Symphony manages approximately US$8.5 billion in senior loans and
has approximately US$11.8 billion in total assets under management,
as at December 31, 2012. Funds sub-advised by Symphony have
achieved the top one, three, five and ten-year performance rankings
by Lipper as at November 30, 2012 for the senior loan asset
class.
Symphony is a wholly-owned subsidiary of Nuveen Investments Inc.
As at September 30, 2012, Nuveen and its affiliates had a total of
approximately US$220 billion of assets under management, and Nuveen
was the leading sponsor of US-listed closed-end funds according to
Morningstar Fundamental Data, as measured by the number of funds
(more than 115) and the amount of fund assets under management
(approximately US$55 billion).
The syndicate of agents for the offering is being co-led by RBC
Capital Markets and CIBC and includes GMP Securities L.P., National
Bank Financial Inc., TD Securities Inc., BMO Capital Markets,
Macquarie Private Wealth Inc., Raymond James Ltd., Scotiabank,
Canaccord Genuity Corp., Desjardins Securities Inc., Dundee
Securities Ltd., Mackie Research Capital Corporation and Manulife
Securities Incorporated.
For further information, please contact your financial advisor,
call our investor relations line at 416-642-6000, (toll-free at
1-866-642-6001) or visit our website at www.bromptongroup.com.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is a leading and
experienced investment fund manager. Brompton is focused on meeting
the needs of investors by offering low cost, innovative products
with client friendly terms and supported by strong corporate
governance.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the Fund's
publicly filed documents which are available from SEDAR at
www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this news release and to other matters identified in
public filings relating to the Fund, to the future outlook of the
Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or any applicable
exemption from the registration requirements. This news release
does not constitute an offer to sell or the solicitation of an
offer to buy securities nor will there be any sale of such
securities in any state in which such offer, solicitation or sale
would be unlawful.
Contacts: Investor relations line 416-642-6000 or toll-free at
1-866-642-6001 www.bromptongroup.com
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