OCP Credit Strategy Fund

OCP Credit Strategy Fund

December 23, 2009 10:17 ET

OCP Credit Strategy Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Onex Credit Partners, LLC, the manager (the "Manager") of OCP Credit Strategy Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX:OCS.UN) listed on the Toronto Stock Exchange. The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund may purchase up to 2,078,000 trust units, representing 10% of the public float of the securities issued and outstanding. All purchases will be made through the facilities and in accordance with the requirements of the Toronto Stock Exchange over a maximum period of 12 months commencing on December 23, 2009, and ending on the earlier of December 22, 2010 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 20,780,000 trust units issued and outstanding as at December 21, 2009. The Fund will not purchase in any given 30 day period, in the aggregate more than 415,600 trust units, being 2% of the issued and outstanding trust units as at December 21, 2009.

Contact Information

  • OCP Credit Strategy Fund
    Toronto: 647.260.4055; Toll Free: 1.877.260.4055
    Onex Credit Partners, LLC
    Stuart Kovensky
    Co-Chief Investment Officer
    Onex Corporation
    Andrew Sheiner
    Managing Director