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TORONTO, Sept. 6, 2012 /CNW/ - Legg Mason BW Investment Grade Focus Fund (the "Fund") announces that it has filed a preliminary prospectus dated August 28, 2012 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of trust units ("Units") of the Fund at $10.00 per Unit.
The investment objectives of the Fund are (i) to provide holders of Units ("Unitholders") with tax-advantaged monthly cash distributions; and (ii) to maximize total returns for Unitholders. The Fund will seek to achieve these investment objectives through exposure, by virtue of a forward purchase and sale agreement, to a portfolio comprised primarily of global investment grade debt securities.
The initial monthly distributions of the Fund are targeted to be $0.0417 per Unit (($0.50) per annum, representing an annual cash distribution of approximately 5.00% based on the $10.00 per Unit issue price).
Brandywine Global Investment Management, LLC ("Brandywine Global") will be retained to provide investment sub-advisory and portfolio management services with respect to the Portfolio. Brandywine Global is a wholly-owned subsidiary of Legg Mason. As of June 30, 2012, Brandywine Global and Legg Mason had aggregate assets under management of approximately U.S. $39 billion and U.S. $638.1 billion respectively. The Fund will be managed by Meadowbank Capital Inc.
The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC and includes BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated and Mackie Research Capital Corporation.
For further information on Meadowbank Capital Inc., please visit the web site www.meadowbankcapital.com.
This press release contains forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States, nor shall there be any sale of the securities of the Fund in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
A preliminary prospectus containing important information relating to these securities has been filed with 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 any of the agents mentioned 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.
SOURCE: Meadowbank Capital Inc.
For further information:
For additional information or inquiries please contact Rawn Lakhan, Chief Financial Officer, Meadowbank Capital Inc., at 416-821-2535.