ING Diversified Floating Rate Senior Loan Fund Files Preliminary Prospectus

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TORONTO, Jan. 31, 2013 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the "Manager") is pleased to announce that a preliminary prospectus for ING Diversified Floating Rate Senior Loan Fund (the "Fund") has been filed with the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Class A Units and Class U Units (the "Units") of the Fund.  The Fund is a closed-end investment fund established under the laws of the Province of Ontario which proposes to offer Units at a price of $10.00 per Class A Unit and U.S. $10.00 per Class U Unit.  Class U Units are designed for investors wishing to make their investment in U.S. dollars.

The Fund's investment objectives are to (i) provide tax-advantaged monthly cash distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans ("Senior Loans") and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. LLC (the "Sub-Advisor"). The Portfolio will consist primarily of senior, secured floating rate corporate loans that are expected to generate increased returns in the event that short-term interest rates rise.

The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Given that the majority of the Portfolio will be invested in Senior Loans which are floating rate, returns may vary with changes in interest rates. The Fund's initial distribution target is expected to be $0.05 per Unit per month (U.S. $0.05 in the case of the Class U Units), representing an initial yield on the Unit issue price of 6.0% per annum.

ING Investment Management Co. LLC is currently an indirect, wholly-owned subsidiary of ING Group N.V., one of the world's largest financial services companies. As of September 30, 2012, the Sub-Advisor employed over 200 investment professionals and had over $179 billion in total assets under management across all portfolios and strategies. The ING Senior Loan Group, a unit of the Sub-Advisor, which will manage the Portfolio, is located in Scottsdale, Arizona (with an additional office in London, UK), and consists of a team of 25 investment professionals and 21 support staff. The ING Senior Loan Group currently manages over U.S. $12.0 billion in assets that are substantially similar to the Senior Loan investments that it will manage for the Portfolio. Connor, Clark & Lunn Capital Markets Inc. will act as Manager of the Fund. The Manager is a leading provider of investment products, having raised approximately $2.3 billion in assets.

The Units are being offered for sale by a syndicate of agents led by BMO Capital Markets and includes CIBC, RBC Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Inc.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the above-mentioned agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

SOURCE: ING Floating Rate Senior Loan Fund

For further information:

For more information, please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258
cclcapitalmarkets@cclgroup.com