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TSX Symbol: CIX
TORONTO, June 5, 2013 /CNW/ - CI Investments Inc. ("CI") and Lawrence Park Capital Partners Ltd. ("Lawrence Park") are pleased to announce that CI has filed a preliminary prospectus for the initial public offering of Units of Lawrence Park Tactical Credit Fund (the "Fund"). The Units will be offered at a price of $10.00 per Unit. CI has agreed to pay all the expenses of the offering and, accordingly, the net asset value per Unit will be $10.00 immediately following the closing.
The Fund will be managed by Lawrence Park. The Fund's investment objectives are: (a) to generate positive absolute returns for Unitholders while minimizing the risk of rising interest rates and reducing volatility; and (b) to provide Unitholders with sustainable monthly cash distributions. The Fund will seek to achieve its investment objectives by investing, directly or indirectly, primarily in investment-grade fixed-income securities of North American and global corporate issuers while protecting against interest rate volatility.
The initial distribution target for the Fund is $0.0417 per Unit per month ($0.50 per annum to yield 5.0% on the subscription price of $10.00 per Unit).
Units of the Fund are being offered on a best efforts basis in each of the provinces and territories of Canada through a syndicate of investment dealers co-led by BMO Capital Markets, CIBC, and RBC Capital Markets, and including Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.
A preliminary prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
About CI Investments - Canada's Investment Company
CI is one of Canada's largest investment management companies. It offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with approximately $107.7 billion in assets as of May 31, 2013.
About Lawrence Park Capital Partners
Lawrence Park is a Toronto-based independent investment management firm specializing in fixed income alternative investment strategies. The firm's flagship fund is the Lawrence Park Credit Strategies Fund. For more information, visit www.lpcapitalpartners.com.
SOURCE: CI Investments Inc.
For further information:
Chief Executive Officer
Lawrence Park Capital Partners