Yield Advantaged Convertible Debentures Fund successfully closes its $186 million IPO - OCV.un is trading on the Toronto Stock Exchange

MONTREAL, Feb. 18 /CNW/ - O'Leary Funds Management LP (the "Manager") is pleased to announce that the Yield Advantaged Convertible Debentures Fund (the "Fund") has closed today its initial public offering (the "Offering") of 15,500,000 units at a price of $12.00 per unit for aggregate gross proceeds of $186 million. The Fund has granted the agents an over-allotment option exercisable in whole or in part for a period of 30 days following the closing of the Offering to acquire up to an additional 2,325,000 units.

The Fund is an investment trust governed by the laws of the Province of Ontario and was created to provide unitholders with exposure to primarily publicly-traded convertible debentures of global and Canadian issuers. The Fund's investment objectives are to: (i) provide unitholders with monthly tax-advantaged distributions consisting initially primarily of returns of capital targeted to be $0.07 per unit ($0.84 per annum representing an annual cash distribution of 7% based on the $12.00 per unit issue price); (ii) maximize total return for unitholders; and (iii) preserve capital.

The Manager has retained Stanton Asset Management Inc. (the "Portfolio Advisor") to provide investment advisory services to the Fund. The Portfolio Advisor is a Canadian investment firm focused on global investment opportunities, and is also the manager of a variety of specialized funds.

The syndicate of agents is led by CIBC and includes National Bank Financial Inc., Scotia Capital Inc., BMO Capital Markets, Macquarie Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and MGI Securities Inc. (collectively, the "Agents").

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

This offering is only made by a prospectus dated January 27, 2011. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.

All capital terms noted herein but not defined are as per the prospectus dated January 27, 2011.

SOURCE Yield Advantaged Convertible Debentures Fund

For further information:

For further information: for media inquiries or additional information: please contact O'Leary Funds at info@olearyfunds.com or at 1-877-849-2004 x226

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Yield Advantaged Convertible Debentures Fund

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