TORONTO, ONTARIO--(Marketwire - Oct. 15, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Brompton Funds Limited (the "Manager") is pleased to announce that Symphony Floating Rate Senior Loan Fund (TSX:SSF.UN) (the "Fund") has completed the issuance of 600,000 Class A units for gross proceeds of approximately $6 million. This issuance was pursuant to the exercise of the over-allotment option granted to the agents in connection with the Fund's recently completed treasury offering. With the exercise of the over-allotment option, total gross proceeds raised by the Fund are approximately $62 million.
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$7.8 billion focused on senior loans and has approximately US$10.7 billion in total assets under management, as at June 30, 2012. Funds managed by Nuveen and sub-advised by Symphony have achieved the top one, five and ten-year performance rankings by Lipper as at June 30, 2012 for the senior loan asset class.
Symphony is a wholly-owned subsidiary of Nuveen Investments Inc. As at June 30, 2012, Nuveen and its affiliates had a total of approximately US$212 billion of assets under management, and was the leading sponsor of US-listed closed-end funds according to Morningstar Fundamental Data, as measured by the number of funds (more than 125) and the amount of fund assets under management (approximately US$53 billion).
The syndicate of agents for the offering was co-led by RBC Capital Markets and CIBC and included BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., 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 416-642-9051, (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 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.
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.