Bayshore Floating Rate Senior Loan Fund
TSX : BIF.UN

July 03, 2008 15:05 ET

Bayshore Floating Rate Senior Loan Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - July 3, 2008) - Bayshore Floating Rate Senior Loan Fund (TSX:BIF.UN) (the "Trust") announced today that the Toronto Stock Exchange has accepted the Trust's Notice of Intention to make a normal course issuer bid. The Trust will have the right to purchase under the bid up to a maximum of 533,157 units (representing approximately 10% of the Trust's public float) commencing July 8, 2008. As at July 3, 2008, there were 5,400,579 units of the Trust issued and outstanding. The Trust may not purchase more than 108,011 Units in any 30 day period, representing 2% of the issued and outstanding Units as of July 3, 2008. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of July 7, 2009, the termination of the bid by the Trust or the Trust purchasing the maximum number of units permitted under the bid. Units purchased by the Trust pursuant to the issuer bid will be cancelled.

The Trust purchased 5,500 Units pursuant to a normal course issuer bid that was in effect during the period commencing on March 26, 2007 and ending on March 25, 2008. The average price per Unit paid by the Trust was $8.36 per Unit and the total consideration paid by the Trust for such Units was $45,995.

Management and directors of the trustee and manager of the Trust, Bayshore Asset Management Inc., believe that units of the Trust may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Trust and its unitholders.

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