FT Floating Rate leveraged loan fund completes C$185 million IPO

By Sara Rosenberg

New York, Feb. 22 - FT Floating Rate Management Inc.'s First Trust/Highland Capital Floating Rate Income Fund, a fund that invests in senior secured floating-rate corporate loans of primarily U.S. issuers, completed its initial public offering of 18.5 million units, according to a company news release.

Each unit sold at a price of C$10 for gross proceeds of C$185 million.

The fund is scheduled to terminate on or around Feb. 28, 2015.

First Trust Advisors LP will act as the fund's investment adviser, and Highland Capital Management LP is the sub-adviser.

CIBC World Markets Inc. and RBC Dominion Securities Inc. co-led the syndicate for the IPO, which also included BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd. and Richardson Partners Financial Ltd.

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