TORONTO, June 17 /CNW/ - Marret Asset Management Inc. is pleased to
announce that Marret High Yield Strategies Fund (TSX: MHY.UN) has completed
its initial public offering of 21,500,000 units at $10.00 per unit, for gross
proceeds of $215,000,000. The units commence trading June 17, 2009 on the
Toronto Stock Exchange under the symbol MHY.UN.
Recent market events highlight the need for investment strategies focused
on preserving capital in market downturns and participating fully in rising
markets. The Fund will obtain exposure to a portfolio, actively managed by
Marret Asset Management Inc., using specialized high yield debt strategies
designed to maximize risk-adjusted returns and preserve capital in each phase
of the credit cycle.
The Fund will seek to achieve the following investment objectives:
(i) to maximize total returns for unitholders consisting of both
tax-advantaged distributions and capital appreciation, while
reducing risk; and
(ii) to provide unitholders with attractive monthly tax-advantaged
cash distributions, initially targeted to be 8.00% per annum on
the original issue price of $10.00 per Unit.
Marret Asset Management Inc. is an employee-owned firm based in Toronto
and advises on over $2 billion of high yield corporate debt assets. Marret and
its experienced team of investment professionals led by Barry Allan specialize
exclusively in fixed income and, particularly, in high yield debt strategies.
Barry Allan, the President and Chief Investment Officer, founded Marret in
2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered
bank. Mr. Allan has over 25 years of experience in credit and fixed income
The syndicate of agents for the offering was co-led by RBC Capital
Markets and GMP Securities L.P. and included CIBC World Markets Inc., Scotia
Capital Inc., Dundee Securities Corporation, Canaccord Capital Corporation,
Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., HSBC
Securities (Canada) Inc., Manulife Securities Incorporated, Wellington West
Capital Markets Inc. and Research Capital Corporation.
For further information:
For further information: Marret Asset Management Inc., Barry Allan,
President, (416) 214-5800, www.marret.ca