Symphony Floating Rate Senior Loan Fund wraps IPO for C$50 million

By Susanna Moon

Chicago, Nov. 1 - Brompton Funds Ltd. said that Symphony Floating Rate Senior Loan Fund completed an initial public offering for proceeds of about C$50 million.

The fund is an actively managed, diversified portfolio consisting primarily of short-duration floating-rate senior corporate debt instruments, including senior secured loans and other senior debt obligations of North American non-investment grade corporate borrowers.

The manager plans to hedge substantially all of the value of the portfolio attributable to the class A units to the Canadian dollar and substantially all of the value of the portfolio attributable to the class U units to the U.S. dollar, according to a press release from the fund's Toronto based manager.

The fund sold 4,548,200 class A units at C$10.00 per unit and 451,800 class U units at $10.00 per unit.

The class A units will begin trading Tuesday on the Toronto Stock Exchange under the symbol "SSF.UN." The class U units are designed for investors who want to make their investment in U.S. dollars and will not be listed on a stock exchange but may be converted into class A units on a weekly basis.

Symphony Asset Management LLC, a wholly owned subsidiary of Nuveen Investments, Inc., is subadvisor.

The manager and insiders of the manager and its parent company have purchased 1 million class A units under the offering, the release stated.

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC and BMO Capital Markets. The syndicate also included Scotia Capital Inc., TD Securities Inc., GMP Securities LP, HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corp. and Manulife Securities Inc.

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