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SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
TORONTO, June 1, 2022
/CNW/ - (TSX: SSF.UN) Symphony Floating Rate Senior Loan Fund
(the "Fund") is pleased to announce it is undertaking an overnight
treasury offering of class A and class F units (the "Class A Units"
and "Class F Units", respectively).
The sales period for this overnight offering will end at
9:00 a.m. (ET) on Thursday, June 2,
2022. The offering is expected to close on or about
June 9, 2022 and is subject to
certain closing conditions including approval by the Toronto Stock
Exchange ("TSX").
The Class A Units will be offered at a price of $7.65 per Unit. The Class F Units will be offered
at a price of $7.5259 per Unit. Class
F Units are designed for clients of registered brokers, dealers and
advisors with fee-based accounts. Class F Units will be converted
into TSX-listed Class A Units on a one-to-one basis immediately
upon the closing of the offering for liquidity purposes.
Accordingly, investors purchasing the Class F Units will upon
closing of the offering become holders of Class A Units listed as
SSF.UN on the TSX.
The Fund offers a $0.51 per unit
per annum distribution on its Class A Units, paid monthly, which
represents a cash distribution rate of 6.7% per annum based on the
Class A Unit issue price. The closing price on the TSX for the
Class A Units on May 31, 2022 was
$7.80. The Unit offering price was
determined so as to be non-dilutive to the most recently calculated
net asset value per Class A Unit (calculated as at May 31, 2022), as adjusted for distributions
payable prior to or upon settlement of the offering. The offering
is being led by RBC Capital Markets.
The Fund's investment objectives are to provide monthly
distributions to unitholders, and to preserve capital. The Fund
seeks to achieve its investment objectives by investing the
property and assets of the Fund in an actively managed diversified
portfolio consisting primarily of short duration senior secured
floating rate corporate loans typically issued by non-investment
grade companies ("Senior Loans"). The Manager believes Senior Loans
offer a potentially higher level of income generation and lower
interest rate risk compared to traditional fixed income asset
classes. The Fund employs leverage of up to 40% of its total assets
for the purposes of acquiring or obtaining exposure to additional
assets for the Fund's portfolio and such other short term funding
purposes as may be determined by the Manager from time to time and
in accordance with Fund's investment strategy.
About Brompton Funds
Founded in 2000, Brompton is an experienced investment fund
manager with income focused investment solutions including
exchange-traded funds (ETFs) and other TSX traded investment funds.
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 info@bromptongroup.com or visit our
website at www.bromptongroup.com.
About Nuveen Asset Management
Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC, is
the sub-advisor for the Fund. Nuveen, the investment manager of
TIAA, offers a comprehensive range of outcome-focused investment
solutions designed to secure the long-term financial goals of
institutional and individual investors. Nuveen has U.S.$1.2 trillion in assets under management as of
March 31, 2022 and operations in 27
countries. Its investment specialists offer deep expertise across a
comprehensive range of traditional and alternative investments
through a wide array of vehicles and customized strategies. For
more information, please visit www.nuveen.com.
A short form base shelf prospectus containing important
detailed information about the securities being offered has been
filed with securities commissions or similar authorities in each of
the provinces and territories of Canada. Copies of the short form base shelf
prospectus may be obtained from a member of the syndicate. The Fund
intends to file a supplement to the short form base shelf
prospectus, and investors should read the short form base shelf
prospectus and the prospectus supplement before making an
investment decision. There will not be any sale or any acceptance
of an offer to buy the securities being offered until the
prospectus supplement has been filed with the securities
commissions or similar authorities in each of the provinces and
territories of Canada.
You will usually pay brokerage fees to your dealer if you
purchase or sell units of the Fund on the TSX 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 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 its 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.
Symphony Floating
Rate Senior Loan Fund
Compound Annual NAV
Returns to April 30, 2022
|
1-Yr
|
3-Yr
|
5-Yr
|
10-Yr
|
S.I.
|
Class A Units (TSX:
SSF.UN)
|
7.5%
|
3.2%
|
3.5%
|
4.8%
|
5.3%
|
Returns are for the periods ended April 30, 2022 and are unaudited. Inception date
November 1, 2011. The table shows the
Fund's compound return on Class A Units for each period
indicated.
Certain statements contained in this document constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this document 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.
SOURCE SYMPHONY FLOATING RATE SENIOR LOAN FUND