TORONTO, ONTARIO--(Marketwired - Jan. 10, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
(TSX:SSF.UN) Symphony Floating Rate Senior Loan Fund (the "Fund") is pleased to announce the completion of a private placement of Class C units and Class F units of the Fund (the "Units") for aggregate gross proceeds of approximately $4.7 million (the "Offering"). The Units were offered at a price of $10.00 per Unit and will not be listed on any stock exchange but will be convertible into Class A units of the Fund, which are currently listed on the Toronto Stock Exchange under the symbol "SSF.UN", following an initial hold period. The net proceeds of the Offering will be used to acquire additional portfolio securities in accordance with the Fund's investment strategy and investment objectives, subject to its investment restrictions.
The Fund provided a total return of 17.2%(1) on the Class A units for the year ended December 31, 2016 and since inception has distributed $3.47 per Class A unit in cash. Since inception in November 2011 (to December 31, 2016), the Fund has generated a 6.9% per annum(1) return on the Class A units which has outperformed its benchmark, the Credit Suisse Leveraged Loan Index, by 1.7% per annum.
The Fund's investment objectives are to (i) provide monthly distributions; and (ii) preserve capital through investment in an actively managed, diversified portfolio consisting primarily of floating rate senior corporate debt instruments, including senior secured loans and other senior debt obligations of North American non-investment grade corporate borrowers.
About Brompton Funds
Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with approximately $2.0 billion in assets under management. Brompton's investment solutions include TSX listed closed-end funds, mutual funds, hedge funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email email@example.com or visit our website at www.bromptongroup.com.
Symphony Asset Management LLC is the investment manager of Symphony Floating Rate Senior Loan Fund. Backed by an institutional-calibre integrated credit platform and supported by a 22-member team of experienced credit investment professionals, Symphony manages approximately US$14.9 billion in senior loans and has approximately US$18.2 billion in total assets under management, as at September 30, 2016. Funds sub-advised by Symphony have achieved the top ten-year performance ranking by Lipper as at September 30, 2016(2) for the senior loan asset class. Symphony is a wholly-owned subsidiary of Nuveen Investments Inc.
1 Please see www.bromptongroup.com for returns for all periods.
2 Source: Lipper September 30, 2016 Monthly Report provided to Nuveen Investments Inc. Rankings should not be construed as a statement of client experience or endorsement.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an "exchange"). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
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 any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.