/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES./
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%
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:
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258