TORONTO, Nov. 20, 2014 /CNW/ - Aston Hill Capital Markets Inc. (the "Manager") is pleased to announce that a final prospectus for Voya Global Income Solutions Fund (the "Fund") has been filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Class A Units and Class U Units ("Units") of the Fund. The Fund is a closed-end investment fund established under the laws of the Province of Ontario which proposes to offer Units at a price of $10.00 per Class A Unit and U.S. $10.00 per Class U Unit. Class U Units are designed for investors wishing to make their investment in U.S. dollars. The maximum amount of the offering is $100 million ($115 million if the over-allotment option is exercised in full) and is expected to close on or about December 15, 2014. The Toronto Stock Exchange has conditionally approved the listing of the Class A Units. The Class U Units will not be listed but may be converted into Class A Units on a weekly basis.
The Fund's investment objectives are to (i) provide monthly cash distributions; (ii) preserve capital and provide the opportunity for capital appreciation; and (iii) generate increased returns in the event that short-term market interest rates rise and through dividend growth, in each case, through an investment, direct or indirect, in a diversified portfolio (the "Portfolio") consisting primarily of secured, senior floating rate loans ("Senior Loans") of non-investment grade North American borrowers and global dividend paying equities ("Global Equities"), actively managed by Voya Investment Management Co. LLC (formerly ING Investment Management Co. LLC) (the "Sub-Advisor"). The Sub-Advisor will actively allocate between these asset classes based upon its analysis of the outlook for global credit and equity markets, and the valuation and prospects of Senior Loans and Global Equities.
The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Given that a significant portion of the Portfolio will be invested in Senior Loans which are floating rate, returns may vary with changes in interest rates. Based on current estimates and the assumptions set out in the final prospectus, the Fund's initial distribution target is expected to be $0.0416 per Unit per month (U.S. $0.0416 in the case of the Class U Units), representing an initial yield on the Unit issue price of 5.0% per annum.
Voya Investment Management Co. LLC will act as the sub-advisor to the Fund in connection with the selection, purchase and sale of Senior Loans, Global Equities and other assets of the Portfolio. The Sub-Advisor is part of Voya Investment Management (formerly ING U.S. Investment Management) ("Voya IM"), a leading U.S.-based asset management firm and wholly-owned subsidiary of Voya Financial, Inc. (formerly ING U.S., Inc.) (NYSE: VOYA). Voya IM is a leading U.S.-based active asset management firm. As of June 30, 2014, Voya IM managed approximately $214 billion for both institutions and individual investors. The Sub-Advisor will manage the Portfolio using the input of its Multi-Asset, Senior Loan and Global Equity Teams.
Aston Hill Capital Markets Inc. will act as manager of the Fund. The Manager is a leading provider of investment products having raised over $2.5 billion in assets. The Manager is part of Aston Hill Financial Inc., a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial Inc. has offices in Calgary, Toronto and Halifax. As of June 30, 2014, Aston Hill Financial Inc. had approximately $7.5 billion in assets under management.
The Units are being offered for sale by a syndicate of agents co-led by BMO Capital Markets and Scotiabank and including CIBC, RBC Capital Markets, National Bank Financial Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Burgeonvest Bick Securities Limited, Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund have not been registered under the U.S. 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 or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
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.
SOURCE: Aston Hill Capital Markets Inc.
For further information: Please visit www.astonhill.ca or contact: Darren Cabral, Vice President & CFO, Aston Hill Capital Markets Inc., (416) 583-2300 or 1 (800) 513-3868, [email protected]