TORONTO, July 24, 2013 /CNW/ - Senior Secured Floating Rate Loan Fund
(the "Fund") announces that it has filed a preliminary prospectus dated
July 23, 2013 with the securities regulatory authorities of all of the
Canadian provinces and territories for an initial public offering (the
"Offering") of Class A Units and Class U Units of the Fund
(collectively, the "Units") at a price of $10 per Class A Unit and U.S.
$10 per Class U Unit. Class U Units are designed for investors who
want to make their investment in U.S. dollars.
The Fund's investment objectives are to provide holders of Units with
stable monthly cash distributions, preservation of capital and
increased returns in the event that short-term interest rates rise.
The Fund has been created to invest in an actively managed portfolio
consisting primarily of first lien senior secured floating rate
corporate loans of U.S. borrowers. The Fund's distributions are
initially targeted to be 6.5% per annum on the subscription price of
$10 ($0.054167 per Unit per month or $0.65 per Unit per annum).
Propel Capital Corporation ("Propel") is the manager and promoter of the
Fund. Propel has retained Credit Suisse Asset Management, LLC ("Credit
Suisse") to provide portfolio management services to the Fund. Credit
Suisse has approximately U.S. $400 billion in assets under management
as of March 31, 2013, including over U.S. $19 billion in senior secured
The syndicate of agents for this offering is being led by CIBC, National
Bank Financial Inc., RBC Capital Markets, and TD Securities Inc., and
includes BMO Capital Markets, GMP Securities L.P., Scotiabank, Raymond
James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc.,
Desjardins Securities Inc., Dundee Securities Ltd. and Manulife
A preliminary prospectus containing important information relating to
these units 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 one of the
agents noted above. There will not be any sale or any acceptance of an
offer to buy the units until a receipt for the final prospectus has
SOURCE: Propel Capital Corporation
For further information:
please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca