Legend Investment Partners Inc.

November 17, 2009 12:03 ET

Calamos Advantaged Income Fund Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2009) - Legend Investment Partners Inc. (the "Manager"), as manager, announces the filing of a preliminary prospectus for Calamos Advantaged Income Fund (the "Fund") with the securities regulatory authorities of all of the provinces of Canada. The Fund is offering units ("Units") at a price of $25.00 per Unit.

Recent market events highlight the need for investment strategies seeking to preserve capital in market downturns and offering the opportunity to participate in rising markets. The Fund will obtain exposure to an actively managed portfolio (the "CAI Portfolio") consisting primarily of global high yield, convertible and equity securities, including covered call writing on quality global equities, employing an enhanced fixed income strategy which will bring together multiple asset classes with broad flexibility to tactically shift among them as market conditions warrant. The CAI Portfolio will be managed by Calamos Advisors LLC (the "Calamos") using these specialized strategies.

The Fund's investment objectives are to: (i) provide unitholders with tax-efficient monthly distributions initially targeted to be 7.0% per annum on the original issue price of $25.00 per Unit; and (ii) preserve and enhance the net asset value per Unit.

At closing the Manager will issue a promissory note (the "Note") to the Fund in an amount equal to the fees and expenses associated with the offering and, accordingly, it is anticipated that the initial net asset value per Unit will be $25.00. The Note will be used to reimburse the Fund for the expenses of the offering and will be repaid over approximately eight years with interest.

Calamos, located in Naperville, Illinois, is a wholly owned subsidiary of Calamos Holdings, LLC and an indirect subsidiary of Calamos Asset Management, Inc. ("CAM"). CAM, together with its subsidiaries, is a diversified investment firm recognized for its leadership in the development of convertible securities. CAM is a publicly traded holding company listed on The NASDAQ Stock Market and as of September 30, 2009 had total assets under management of over US$30.5 billion. Calamos has over 30 years of experience in the investment industry and employs a team approach to portfolio management, leveraging the expertise of more than 50 investment professionals.

The syndicate of agents for the offering is led by BMO Nesbitt Burns Inc. and now includes CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial, Scotia Capital Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Rothenberg Capital Management Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc. and Research Capital Corporation.

Contact Information

  • Legend Investment Partners Inc.
    Andrew A. McKay
    President and Chief Executive Officer
    (416) 601-2422