Bayshore Asset Management to raise up to C$175 million for senior loan fund

By Sara Rosenberg

New York, April 5 - Bayshore Asset Management Inc. has been cleared to raise as much as C$175 million for its Floating Rate Senior Loan Fund - a fund that invests in floating-rate senior secured loans - by selling up to 17.5 million units at C$10 per unit, according to a company news release.

The initial targeted yield on the units is 7% per annum, which will be distributed to unitholders starting May 31.

Agents for the offering are BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities Inc., Richardson Partners Financial Ltd., Canaccord Capital Corp., Dundee Securities Corp., First Associates Investments Inc. and Raymond James Ltd.

Bayshore Asset Management Inc. is manager of the fund, Bayshore Income Funds LLC will act as investment adviser and Centre Pacific LLC will act as sub-adviser.

"This product is a great hedge against rising interest rates and provides a particularly attractive alternative to long duration fixed income investments," said David Golub, chief executive officer of Bayshore Income Funds LLC, in a company news release.

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