/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
TORONTO, March 21, 2013 /CNW/ - Bloom Investment Counsel, Inc. (the
"Manager") is pleased to announce that Bloom U.S. Advantaged Income &
Growth Fund (the "Fund") has completed its initial public offering of
3,600,000 Class A units and 476,656 Class U units of the Fund at a
price of $10.00 per Class A unit and U.S.$10.00 per Class U unit for
gross proceeds of $36,000,000 and U.S.$4,766,560 respectively. Class A
units of the Fund are listed and posted for trading on the Toronto
Stock Exchange under the symbol of BUA.UN. The Class U units are
designed for investors wishing to make their investment in U.S.
dollars. Class U units will not be listed but may be converted into
Class A units on a monthly basis for liquidity purposes. The Fund has
granted the Agents (as defined below) an over-allotment option to
purchase up to an additional 15% Class A units on the same terms
exercisable at any time during the next thirty days.
The Fund's investment objectives are to provide unitholders with (i)
exposure through a forward agreement to an actively managed portfolio
held by BUIG Trust comprised primarily of publicly traded high dividend
paying U.S. common equity securities, including REITs; (ii) stable
monthly tax-advantaged cash distributions; and (iii) the opportunity
for capital appreciation. Substantially all of the U.S. dollar value of
the portfolio attributable to the Class A units will be hedged back to
the Canadian dollar. The Class U units will not be hedged.
The initial distribution target for the Fund is expected to be $0.05 per
Class A unit per month and U.S.$0.05 per Class U Unit per month
representing a yield of 6.00% per annum on the issue price of $10.00
per Class A Unit or U.S.$10.00 per Class U Unit, as applicable. The
initial cash distribution will be payable to unitholders of record on
April 30, 2013 and is expected to be paid on or about May 15, 2013.
The syndicate of agents for the offering is being co-led by BMO Capital
Markets, CIBC and RBC Capital Markets and includes National Bank
Financial Inc., Raymond James Ltd., Scotiabank, TD Securities Inc.,
Canaccord Genuity Corp., Desjardins Securities Inc., GMP Securities
L.P., Mackie Research Capital Corporation, Macquarie Private Wealth
Inc., Dundee Securities Ltd., Industrial Alliance Securities Inc. and
Manulife Securities Incorporated (collectively, the "Agents").
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian securities
laws. Forward-looking information may relate to the future outlook of
the Fund and anticipated distributions, events or results and may
include statements regarding the future financial performance of the
Fund. In some cases, forward-looking information can be identified by
terms such as "may", "will", "should", "expect", "anticipate",
"believe", "intend" or other similar expressions concerning matters
that are not historical facts. Actual results may vary from such
forward-looking information. The Manager undertakes no obligation to
update publicly or otherwise revise any forward-looking statement
whether as a result of new information, future events or other such
factors which affect this information, except as required by law.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, or any state securities laws. This
press release does not constitute an offer to sell or the solicitation
of an offer to buy any securities within the United States.
SOURCE: Bloom U.S. Advantaged Income & Growth Fund
For further information:
please contact your financial advisor, call the Manager at 1-855-BLOOM18 or visit the Manager's website at www.bloomfunds.ca