TORONTO, ONTARIO--(Marketwired - April 3, 2013) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
First Asset Morningstar U.S. Consumer Defensive Index Fund (the "Fund") announces the closing of its initial public offering. Pursuant to the offering, the Fund issued 4 million units (the "Units") at $10 per Unit, for gross proceeds of $40 million. The Units are listed on the Toronto Stock Exchange under the symbol UCD.UN. The Fund has granted the agents of the offering an over-allotment option to acquire up to 600,000 additional Units at a price of $10 per Unit exercisable at any time during the next thirty days.
The Fund's investment objectives are to provide holders of Units with:
- the opportunity for capital appreciation; and
- monthly cash distributions.
The Fund has been created to invest in a portfolio that is designed to replicate, to the extent possible, the performance of the Morningstar® Consumer Defensive Index™ (the "Index"), net of expenses.
The Index is comprised of highly liquid, U.S. domiciled companies that trade on one of the three major U.S. exchanges and that are engaged in the manufacturing of food, beverages, household and personal products, packaging, or tobacco and also includes companies that provide services such as education and training services.
The syndicate of agents for this offering was led by CIBC, co-led by National Bank Financial Inc. and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., GMP Securities L.P., Desjardins Securities Inc., Macquarie Private Wealth Inc., Dundee Securities Ltd. and Manulife Securities Incorporated.
Morningstar® is a registered trademark of Morningstar, Inc. ("Morningstar"). Consumer Defensive Index™ is a trademark of Morningstar. These trademarks have been licensed for use for certain purposes by First Asset Investment Management Inc. The Units are not in any way sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates, and Morningstar makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or in the Fund particularly.