SYMPHONY FLOATING RATE SENIOR LOAN FUND ANNOUNCES OVERNIGHT OFFERING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, June 1, 2022 /CNW/ - (TSX: SSF.UN) Symphony Floating Rate Senior Loan Fund (the "Fund") is pleased to announce it is undertaking an overnight treasury offering of class A and class F units (the "Class A Units" and "Class F Units", respectively).

The sales period for this overnight offering will end at 9:00 a.m. (ET) on Thursday, June 2, 2022.  The offering is expected to close on or about June 9, 2022 and is subject to certain closing conditions including approval by the Toronto Stock Exchange ("TSX").

The Class A Units will be offered at a price of $7.65 per Unit. The Class F Units will be offered at a price of $7.5259 per Unit. Class F Units are designed for clients of registered brokers, dealers and advisors with fee-based accounts. Class F Units will be converted into TSX-listed Class A Units on a one-to-one basis immediately upon the closing of the offering for liquidity purposes.  Accordingly, investors purchasing the Class F Units will upon closing of the offering become holders of Class A Units listed as SSF.UN on the TSX.

The Fund offers a $0.51 per unit per annum distribution on its Class A Units, paid monthly, which represents a cash distribution rate of 6.7% per annum based on the Class A Unit issue price. The closing price on the TSX for the Class A Units on May 31, 2022 was $7.80. The Unit offering price was determined so as to be non-dilutive to the most recently calculated net asset value per Class A Unit (calculated as at May 31, 2022), as adjusted for distributions payable prior to or upon settlement of the offering. The offering is being led by RBC Capital Markets.

The Fund's investment objectives are to provide monthly distributions to unitholders, and to preserve capital. The Fund seeks to achieve its investment objectives by investing the property and assets of the Fund in an actively managed diversified portfolio consisting primarily of short duration senior secured floating rate corporate loans typically issued by non-investment grade companies ("Senior Loans"). The Manager believes Senior Loans offer a potentially higher level of income generation and lower interest rate risk compared to traditional fixed income asset classes. The Fund employs leverage of up to 40% of its total assets for the purposes of acquiring or obtaining exposure to additional assets for the Fund's portfolio and such other short term funding purposes as may be determined by the Manager from time to time and in accordance with Fund's investment strategy.

About Brompton Funds

Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email [email protected] or visit our website at www.bromptongroup.com.

About Nuveen Asset Management

Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC, is the sub-advisor for the Fund. Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has U.S.$1.2 trillion in assets under management as of March 31, 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the TSX or other alternative Canadian trading system (an "exchange").  If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units of an investment fund.  An investment fund must prepare disclosure documents that contain key information about the fund.  You can find more detailed information about the Fund in its public filings available at www.sedar.com.  The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Symphony Floating Rate Senior Loan Fund  Compound Annual NAV Returns to April 30, 2022	1-Yr	3-Yr	5-Yr	10-Yr	S.I.
Class A Units (TSX: SSF.UN)	7.5%	3.2%	3.5%	4.8%	5.3%

Returns are for the periods ended April 30, 2022 and are unaudited. Inception date November 1, 2011. The table shows the Fund's compound return on Class A Units for each period indicated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated 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", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

SOURCE SYMPHONY FLOATING RATE SENIOR LOAN FUND