OCP Credit Strategy Fund

OCP Credit Strategy Fund

June 03, 2011 13:26 ET

Onex Credit Partners Announces One Week Reopening of Its OCP Credit Strategy Fund (OCS.UN)

TORONTO, ONTARIO--(Marketwire - June 3, 2011) -


Onex Credit Partners, LLC ("OCP") is pleased to announce that OCP Credit Strategy Fund (the "Fund") (TSX:OCS.UN) has filed a preliminary short form prospectus in each of the provinces of Canada with respect to an additional offering (the "Offering") of Units (the "Units") of the Fund.

The Fund provides Unitholders with exposure to the performance of an actively managed, diversified portfolio (the "Portfolio") comprised primarily of senior loans and other senior debt obligations of non-investment grade North American issuers.

The Fund seeks to achieve the following investment objectives:
(i)maximize total returns for holders of Units ("Unitholders") on a tax-advantaged basis;
(ii)provide Unitholders with attractive, quarterly, tax-advantaged distributions, currently targeted to be $0.70 per annum; and
(ii)preserve capital.

The Fund is managed by OCP, the exclusive credit investing platform of Onex Corporation ("Onex") (TSX:OCX), one of North America's oldest and most successful investment firms.

OCP generally selects investments for the Portfolio that meet the following criteria: (i) high levels of asset and/or cash flow coverage; (ii) attractive total return potential through a combination of current income and capital appreciation; and (iii) an anticipated company-specific event that OCP believes will trigger an increase in the value of the investment. To manage risk and volatility, the strategy is based on a diversified portfolio and employs no financial leverage.

The Fund pursues substantially the same strategy as certain other institutional funds managed by OCP, in which Onex, its affiliates and their principals and employees have invested approximately US$87 million.

The syndicate of agents for the Offering is co-led by RBC Capital Markets. and CIBC and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Research Capital Corp., Wellington West Capital Markets Inc. and Rothenberg Capital Management.

A preliminary short form prospectus containing important information relating to the Units has been filed with securities commissions or similar authorities in all provinces of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial advisor. There will not be any sale or any acceptance of an offer to buy the Units until a receipt for the final prospectus has been issued.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain statements included herein 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 OCP'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 OCP 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. OCP 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 factors which affect this information, except as required by law.

Contact Information

  • Onex Credit Partners, LLC
    Jack Yang
    Managing Partner