TORONTO and MONTREAL, Feb. 24, 2015 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital") is pleased to announce the closing of the initial public offering of Investment Grade Infrastructure Bond Fund (the "Fund"). Pursuant to the offering, the Fund issued 6.5 million units (the "Units") at a price of $10 per Unit for gross proceeds of $65 million. The Fund has granted the Agents an over-allotment option, exercisable for a period of 30 days from today's date, to purchase up to an additional 975,000 Units. The Units are listed on the Toronto Stock Exchange under the symbol IFB.UN.
The Fund's investment objectives are to provide holders of Units with monthly cash distributions, preservation of capital and provide the opportunity for capital appreciation. The Fund has been created to invest in an actively managed portfolio consisting primarily of investment grade fixed income securities of issuers that own, operate or develop infrastructure assets in the United States. The Fund's distributions are initially targeted to yield 5.0% per annum on the subscription price of $10 ($0.04166 per Unit per month or $0.50 per Unit per annum).
Fiera Capital is the manager and promoter of the Fund. Fiera Capital has retained Nuveen Asset Management, LLC ("Nuveen") to provide portfolio management services to the Fund. Nuveen has approximately U.S. $134 billion in assets under management as of December31, 2014, including approximately U.S. $100 billion in infrastructure debt securities.
The syndicate of agents for this offering was led by CIBC and RBC Capital Markets, and included National Bank Financial Inc., Scotiabank, TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Desjardins Securities Inc., Raymond James Ltd., Canaccord Genuity Corp, Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated (collectively, the "Agents").
The Offering is only made by prospectus. The prospectus contains important detailed information relating to the Units being offered. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.
About Fiera Capital
Fiera Capital is a leading publicly traded, independent investment firm. Fiera Capital is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in equity and fixed income management as well as depth and expertise in asset allocation and alternative investments. For more information, visit www.fieracapital.com
SOURCE Fiera Capital Corporation
For further information: For inquiries regarding the fund distributions, please contact Krista Matheson, Senior Vice President, Retail Markets, Fiera Capital at 416-955-4929 or visit www.fieracapital.com