|By Marketwired .||
|May 2, 2014 10:57 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/02/14 -- (TSX:SSF.UN) Investors and investment advisors are invited to listen to an update on the US Senior Loan Market, hosted by Larry Holzenthaler of Symphony Asset Management ("Symphony"). Investors may listen to the recording of the update call on Brompton's website at www.bromptongroup.com/symphony. The Fund is available for purchase on the Toronto Stock Exchange under the ticker symbol SSF.UN.
Symphony Floating Rate Senior Loan Fund (the "Fund") invests primarily in floating-rate Senior Loans, which are the most senior corporate obligations of a borrower, and are secured by the borrower's assets. As a result, Senior Loans have a first-priority secured claim on repayment ahead of bonds and equity. Senior Loans also feature floating rate interest payments which may help investors avoid potential negative performance of fixed-rate bonds in periods of rising interest rates.
The Fund has a current distribution target of $0.70 per annum (approximately 7.2% of the April 30, 2014 closing price). The Fund is designed to pay tax-efficient Return of Capital distributions until October 2016. At the highest personal income tax rate in Ontario (49.53%), an investor would need to earn regular interest income at a rate of 10.8% per annum to realize the same after-tax cash flows.
Symphony Asset Management LLC, a wholly owned subsidiary of Nuveen Investments, Inc., manages approximately US$12.2 billion focused on senior loans, with approximately US$16.3 billion assets under management as at March 31, 2014. Funds sub-advised by Symphony have achieved top three-, five- and ten-year performance rankings in the Loan Participation Fund category by Lipper as at March 31, 2014.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced investment fund manager operating since 2002. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. 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.
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release 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.