Doubleline Opportunistic Credit Fund names underwriters for IPO

By Angela McDaniels

Tacoma, Wash., Dec. 20 - Doubleline Opportunistic Credit Fund said Wells Fargo Securities, LLC and UBS Securities LLC are the lead underwriters for its upcoming initial public offering of common shares.

The underwriting syndicate also includes Barclays Capital Inc.; J.J.B. Hilliard, W.L. Lyons, LLC; Janney Montgomery Scott LLC; Ladenburg Thalmann & Co. Inc.; Maxim Group LLC; Wedbush Securities Inc.; and Wunderlich Securities, Inc., according to an N-2 filing with the Securities and Exchange Commission.

The shares will be sold for $25 each and will be listed on the New York Stock Exchange under the symbol "DBL."

Doubleline is a newly organized closed-end management investment company based in Los Angeles. Its objective is to seek high total investment return by providing a high level of current income and the potential for capital appreciation.

The fund expects its portfolio will initially be 100% invested in mortgage-backed securities. The fund may invest in debt securities and income-producing investments of any kind including residential and commercial mortgage-backed securities, asset-backed securities, U.S. government securities, corporate debt, international sovereign debt and short-term investments.

Under normal circumstances, at least 80% of the fund's assets will be invested in debt securities, convertible securities, loans and other securities or instruments, at least 50% in mortgage-backed securities of all kinds and at least 25% in privately issued ("non-agency") mortgage- and asset-backed securities. The fund expects that at least half of its total assets will be invested in investment-grade securities.

The fund does not plan to employ leverage initially.

Distributions will be declared and paid monthly.

Fees include a 4.5% sales load and 0.2% of offering expenses. Annual expenses will total 2.74% including a 1.5% management fee, a 0.23% administration fee, 0.77% of interest expense on borrowed funds and 0.24% of other expenses.

Los Angeles-based DoubleLine Capital LP is the investment adviser.

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