Navina Capital Corp.

Navina Capital Corp.

April 09, 2009 16:27 ET

Navina/Lazard U.S. High Yield Bond Fund Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - April 9, 2009) -

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Navina Capital Corp. is pleased to announce that a preliminary prospectus for Navina/Lazard U.S. High Yield Bond Fund (the "Fund") has been filed with the securities regulatory authorities in each of the Canadian provinces providing for the issuance of two classes of units (the "Units") of the Fund (the "Offerings") at a price of $10.00 per Unit.

The Fund's investment objectives are to provide holders of Units ("Unitholders") with: (a) monthly tax-efficient distributions initially targeted to be $0.058 per Unit ($0.70 per annum to yield 7.0% on the $10.00 per Unit issue price); and (b) the opportunity for capital appreciation.

To pursue its investment objectives, the Fund will obtain exposure to a portfolio comprised primarily of U.S. dollar denominated high yield corporate bonds (the "Portfolio") actively managed by Lazard Asset Management (Canada), Inc. which will appoint Lazard Asset Management LLC as its sub-advisor.

The Fund does not intend to list the Units on any stock exchange. To provide investors with liquidity, commencing 30 days following closing of the Offerings, Units of each class may be redeemed on the last business day of each week, for a redemption price equal to the net asset value per Unit of that class on that date less certain costs.

Generally, at least 90% of the value of the Portfolio's U.S. dollar currency exposure will be hedged back to the Canadian dollar, subject to the Fund's investment restrictions

The offering is being made through a syndicate of agents led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. that includes National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Richardson Partners Financial Limited, Wellington West Capital Markets Inc., Desjardins Securities Inc., Manulife Securities Incorporated, Research Capital Corporation and Rothenberg Capital Management Inc.

Contact Information

  • Navina Capital Corp.
    Andrew Bentley
    Chief Executive Officer
    416-601-2430 or 1-800-513-3868
    www.navinacapital.com