OCP Tactical Senior Income Fund

OCP Tactical Senior Income Fund

October 29, 2013 14:18 ET

Onex Credit Partners Announces Initial Public Offering of OCP Tactical Senior Income Fund

TORONTO, ONTARIO--(Marketwired - Oct. 29, 2013) -

All amounts in Canadian dollars unless otherwise stated.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Onex Credit Partners, LLC ("Onex Credit") announced today the filing of a preliminary prospectus for the OCP Tactical Senior Income Fund (the "Fund") with the securities regulatory authorities in each of the provinces and territories of Canada. The Fund is offering trust units (the "Units") at a price of $10.00 per Unit.

The Fund will be managed by Onex Credit, the exclusive credit investing platform of Onex Corporation ("Onex Corp.")(TSX:OCX). Founded in 1984 and with offices in Toronto, New York and London, Onex Corp. is one of the oldest private equity firms with a successful track record in acquiring and building high-quality businesses. Onex Corp. has approximately $16 billion of assets under management, including $5 billion of Onex Corp. capital, in private equity, credit securities and real estate. Onex Credit is focused on non-investment grade credit investing and manages more than US$3.3 billion in senior secured loans and high yield bonds in a variety of strategies.

The Fund will seek to achieve the following objectives: (i) protect invested capital in all interest rate environments; (ii) pay holders of Units stable, and potentially increasing, monthly cash distributions, initially targeted to $0.50 per year representing an annual yield of 5% based on the original issue price of $10.00 per Unit; and (iii) increase net asset value over the long term; through active management of a portfolio of floating rate first lien senior secured loans and high yield bonds of North American issuers.

The syndicate of agents for the offering is co-led by RBC Capital Markets and CIBC, and includes Scotiabank, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation and Rothenberg Capital Management Inc.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect Onex Credit's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Onex Credit believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Onex Credit undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

A preliminary prospectus dated October 28, 2013 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the Agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. All capital terms used but not otherwise defined have the meanings assigned to such terms in the preliminary prospectus.

Contact Information

  • Onex Credit Partners
    Stephen Allen
    Managing Director
    (201) 541-2121