ING Diversified Floating Rate Senior Loan Fund completes C$184 million initial public offering
Date Closed
March 22, 2013
Lead Office
Toronto
Value
184.00 Million CAD
On March 22, 2013, Connor, Clark & Lunn Capital Markets Inc. (the “Manager”) completed its initial public offering of units of ING Diversified Floating Rate Senior Loan Fund (the “Fund”) and exercised a portion of its over-allotment option on April 17, 2013. Inclusive of the over-allotment option, the Fund raised gross proceeds of $167,039,240 from the sale of 16,703,924 Class A Units and U.S.$17,714,670 from the sale of 1,771,467 Class U Units (collectively, the “Units”).
The Units were offered for sale by a syndicate of agents led by BMO Capital Markets and including CIBC, RBC Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Inc. The Fund’s investment objectives are to (i) provide tax-advantaged monthly cash distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. LLC.
ING Investment Management, headquartered in New York, is an indirect, wholly-owned subsidiary of ING Group N.V., one of the world's largest financial services companies.
Connor, Clark & Lunn Capital Markets, headquartered in Toronto, is a multi-boutique asset management company that provides a broad range of traditional and alternative investment products and services to individuals, advisors and institutional investors.
McCarthy Tétrault LLP represented ING Diversified Floating Rate Senior Loan Fund, the issuer, and Connor, Clark & Lunn Capital Markets, the manager, with a team led by Andrew Armstrong.
