ING Diversified Floating Rate Senior Loan Fund Closes Initial Public Offering /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ TORONTO, March 22, 2013 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the "Manager") is pleased to announce the closing of the initial public offering of ING Diversified Floating Rate Senior Loan Fund (the "Fund"). The Fund raised gross proceeds of $160 million from the sale of 16 million Class A Units and U.S. $17,714,670 from the sale of 1,771,467 Class U Units. The Fund has granted to the agents an over-allotment option, exercisable for a period of 30 days from the closing date, to offer an additional 971,024 Class A Units. The Class A Units are listed on the Toronto Stock Exchange ("TSX") under the symbol IFL.UN. The Fund's investment objectives are to (i) provide tax-advantaged monthly cash distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans ("Senior Loans") and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. LLC (the "Sub-Advisor"). The Portfolio will consist primarily of senior, secured floating rate corporate loans that are expected to generate increased returns in the event that short-term interest rates rise. 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 the majority of the Portfolio will be invested in Senior Loans which are floating rate, returns may vary with changes in interest rates. The Fund's initial distribution target is expected to be $0.05 per Unit per month (U.S. $0.05 in the case of the Class U Units), representing an initial yield on the Unit issue price of 6.0% per annum. The Sub-Advisor is currently an indirect, wholly-owned subsidiary of ING Group N.V., one of the world's largest financial services companies. As of September 30, 2012, the Sub-Advisor employed over 200 investment professionals and had over $179 billion in total assets under management across all portfolios and strategies. The ING Senior Loan Group, a unit of the Sub-Advisor, which will manage the Portfolio, is located in Scottsdale, Arizona (with an additional office in London, UK), and consists of a team of 25 investment professionals and 21 support staff. The ING Senior Loan Group currently manages over U.S. $12.0 billion in assets that are substantially similar to the Senior Loan investments that it will manage for the Portfolio. Connor, Clark & Lunn Capital Markets Inc. will act as Manager of the Fund. The Manager is a leading provider of investment products, having raised approximately $2.3 billion in assets. The Units are being offered for sale by a syndicate of agents led by BMO Capital Markets and including CIBC, RBC Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Inc. 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. please visitwww.cclcapitalmarkets.com or contact: Darren Cabral Vice President & CFO Connor, Clark & Lunn Capital Markets Inc. (416) 214-6182 or 1 (888) 276-2258 firstname.lastname@example.org SOURCE: ING Diversified Floating Rate Senior Loan Fund To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2013/22/c7436.html CO: ING Diversified Floating Rate Senior Loan Fund ST: Ontario NI: FIN NEWSTK -0- Mar/22/2013 12:30 GMT
ING Diversified Floating Rate Senior Loan Fund Closes Initial Public Offering
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