O'Leary Funds raises initial C$64.8 million for portfolio of floaters

By Susanna Moon

Chicago, July 19 - O'Leary Funds Management LP said the Floating Rate Income Fund closed its initial public offering of units with proceeds to be invested in a portfolio of senior secured floating-rate loans, floating-rate notes and other debt.

The debt may be held by investment- and non-investment-grade issuers.

The fund sold 5.4 million units at C$12.00 each for proceeds of C$64.8 million. There is an over-allotment option for an additional 810,000 units, which may be exercisable for 30 days after closing.

The fund's investment objectives are to provide holders with monthly tax-advantaged distributions, consisting initially primarily of returns of capital, and to preserve capital.

Stanton Asset Management Inc. will be the portfolio advisor.

The syndicate of agents is co-led by CIBC and RBC Capital Markets and includes BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., GMP Securities LP, HSBC Securities (Canada) Inc., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corp., Manulife Securities Inc. and MGI Securities Inc.

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