/Not for distribution to U.S. newswire services or for dissemination in
the United States./
TORONTO, June 12, 2013 /CNW/ - Excel Funds Management Inc. (the
"Manager") is pleased to announce that the syndicate of agents for the
initial public offering of Excel Latin America Bond Fund II (the
"Fund") has exercised its over-allotment option and acquired an
additional 189,325 Class A Units of the Fund. In aggregate, the Fund
raised gross proceeds of approximately $52 million from the sale of
Class A Units, Class F Units and Class U Units. The Class F Units are
designed for fee-based accounts and the Class U Units are designed for
investors wishing to make their investment in U.S. dollars. The Class
A Units are listed on the Toronto Stock Exchange under the symbol
ELB.UN. The Class F and U Units are not listed on a stock exchange but
are convertible into Class A Units on a monthly basis.
The Fund's investment objectives are to provide unitholders with (i)
monthly distributions; and (ii) the opportunity for capital
appreciation, in each case, by investing in a diversified portfolio
(the "Portfolio") consisting primarily of U.S. dollar denominated high
yield fixed income securities issued by companies located in Latin
America. The Fund hedges substantially all of the value of the
Portfolio attributable to the Class A Units and the Class F Units, to
the Canadian dollar. The Portfolio is not hedged in respect of the
Class U Units. The Fund intends to make monthly distributions to
unitholders; the distributions are initially targeted to be 7.80% per
Unit per annum ($0.78 per annum for Class A and Class F Units, and
U.S.$0.78 for Class U Units).
The Manager and Excel Investment Counsel Inc., the Fund's portfolio
manager, are part of the Excel Funds group, a Canadian pioneer in
emerging market mutual fund investing, which manages 12 other
investment funds focused on the emerging markets, the largest product
line-up in the asset class across Canada.
BTG Pactual acts as sub-advisor in connection with the selection,
purchase and sale of portfolio securities and other assets of the
Portfolio. BTG Pactual is one of Latin America's leading independent
asset managers and had over U.S.$65 billion in assets under management
as at December 31, 2012.
The syndicate of agents for the offering was co-led by BMO Capital
Markets, CIBC and RBC Capital Markets and included National Bank
Financial Inc., Raymond James Ltd., TD Securities Inc., Desjardins
Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Dundee
Securities Ltd., Mackie Research Capital Corporation, Macquarie Private
Wealth Inc., Manulife Securities Incorporated, Industrial Alliance
Securities Inc. and Sherbrooke Street Capital (SSC) Inc.
Commissions, management fees and expenses all may be associated with
investment funds. Please read the Fund's publicly filed documents
which are available on SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently
and past performance may not be repeated.
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
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: Excel Funds Management Inc.
For further information:
please contact your financial advisor, call our investor relations line at 1-888-813-9813 or visit our website at www.excelfunds.com.
Chief Compliance Officer
Excel Funds Management Inc.