OCP Credit Strategy Fund

OCP Credit Strategy Fund

June 21, 2011 07:45 ET

Onex Credit Partners Completes Follow-on Offering and Announces Quarterly Distribution for OCP Credit Strategy Fund (TSX:OCS.UN)

TORONTO, ONTARIO--(Marketwire - June 21, 2011) -


Onex Credit Partners, LLC ("OCP") is pleased to announce that OCP Credit Strategy Fund (the "Fund") has completed its follow-on offering of 8,600,000 treasury units at $10.12 per unit, for gross proceeds of $87,032,000. Following completion of the offering, the Fund has a total of 29,174,375 units outstanding. The Fund has granted the agents an over-allotment option, under which the agents may acquire up to an additional 1.29 million units at a price of $10.12 per unit exercisable at any time during the next thirty days.

The Fund also announced a distribution of $0.175 per Unit for the quarter ending June 30, 2011. The distribution will be paid on or before July 15, 2011 to holders of record on June 30, 2011.

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
iii.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.

The syndicate of agents for the Offering was co-led by RBC Capital Markets. and CIBC World Markets Inc. and included 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., Mackie Research Capital Corp., Wellington West Capital Markets Inc. and Rothenberg Capital Management.

This offering is only made by prospectus. The prospectus dated June 14, 2011 contains important detailed information about the securities being offered. Investors should obtain a prospectus from one of the Agents and read it carefully before making an investment decision. This investment may not be suitable for all investors. Commissions, trailing commissions, management fees and expenses all may be associated with this investment. An investment in the Fund is not guaranteed, its value changes frequently and past performance may not be repeated.

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.

For further information, please visit www.ocpcreditstrategy.com.

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