TORONTO, ONTARIO--(Marketwire - Sept. 4, 2012) - Symphony Floating Rate Senior Loan Fund (the "Fund") (TSX:SSF.UN) is pleased to announce a special distribution in the amount of $0.10 per Class A Unit and US$0.10 per Class U Unit, payable on October 15, 2012 to unitholders of record at the close of business on September 28, 2012.
Since inception on November 1, 2011, the Fund has paid a regular monthly distribution of $0.05833 per Class A Unit (US$0.05833 per Class U Unit), for a cumulative total of $0.5833 per Class A Unit (US$0.5833 per Class U Unit) through to August 31, 2012, representing an annualized regular distribution rate of 7.0% based on the price of the original initial public offering ("IPO"). Since inception, the Fund's net asset value has grown by $0.38 per Class A Unit and by US$0.30 per Class U Unit. As a result of the growth in net asset value of the Fund, the Manager has declared the special distribution. Considering both regular and special distributions, the distribution rate in the first year of the Fund's operation is expected to be 8.0% based on the original IPO price.
The Fund provides investors attractive monthly tax-advantaged distributions through exposure to an actively managed portfolio of floating rate senior loans. Senior loans offer (i) high current yield and the opportunity for increased yield when short-term interest rates rise; (ii) lower credit risk than high yield bonds as they are senior in the capital structure and are secured by issuer's assets; and (iii) diversification benefits as senior loans have a low or negative correlation to traditional classes of fixed income.
About Symphony Asset Management LLC
Symphony Asset Management acts as Sub-Advisor to the Fund's senior loan investment portfolio. Symphony manages approximately US$7.8 billion focused on senior loans with approximately US$10.7 billion in total assets under management as at June 30, 2012. Senior loan funds sub-advised by Symphony have achieved the top one, five, and ten-year Lipper performance rankings as at June 30, 2012.
About Brompton Funds Limited
Brompton Funds, a division of Brompton Group, is a leading and experienced Canadian closed-end 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. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-9051, toll-free at 1-866-642-6001, email firstname.lastname@example.org or visit our website at www.bromptongroup.com.
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 press 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.