First Trust Advantaged Short Duration High Yield fund plans normal course bid for portion of units

By Jennifer Chiou

New York, Oct. 3 - First Trust Advantaged Short Duration High Yield Bond Fund announced that the Toronto Stock Exchange accepted its notice of intention to make a normal course issuer bid for up to 10% of the public float of its 6,940,017 class A units.

The start date is slated for Oct. 5, and the bid will remain in effect until the earlier of Oct. 4, 2012, the termination of the bid or the fund purchasing the maximum number of units.

The public float figure is as of Sept. 22.

According to a news release, First Trust may not purchase more than 138,800 of the class A units in any 30-day period under the bid. Purchases will be made in the open market,

The units are listed on the Toronto Stock Exchange under "FSD.UN."

Questions may be directed to Fraser Howell at 416 865-8054. More information is available at www.firsttrust.ca.

The Toronto-based fund is intended to provide unitholders with a stable source of tax-advantaged distributions through exposure to the performance of a diversified, short-duration high-yield bond portfolio actively managed by First Western Capital Management Co. and comprising mainly North American high-yield debt securities, generally with remaining terms to maturity of five years or less, according to a press release from the fund's manager, First Defined Portfolio Management Co.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.