The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

OCP Credit Strategy Fund Announces Normal Course Issuer Bid

Monday, July 15, 2013

OCP Credit Strategy Fund Announces Normal Course Issuer Bid

11:36 EDT Monday, July 15, 2013

TORONTO, ONTARIO--(Marketwired - July 15, 2013) - Onex Credit Partners, LLC, the manager of OCP Credit Strategy Fund (the "Fund"), today announced that the Fund has commenced a Normal Course Issuer Bid to purchase a portion of the outstanding trust units (TSX:OCS.UN) listed on the Toronto Stock Exchange. The Normal Course Issuer Bid has been approved by the Toronto Stock Exchange. The purpose of the Normal Course Issuer Bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the Normal Course Issuer Bid, the Fund may purchase up to 2,841,833 trust units, representing 10% of the public float of the securities issued and outstanding. All purchases will be made through the facilities and in accordance with the requirements of the Toronto Stock Exchange over a maximum period of 12 months commencing on July 17, 2013, and ending on the earlier of July 16, 2014 or on such date as the Fund completes its purchase under the Normal Course Issuer Bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 28,418,339 trust units issued and outstanding as at July 11, 2013. The Fund will not purchase in any given 30 day period, more than 568,366 trust units in the aggregate, representing 2% of the issued and outstanding trust units as at July 11, 2013. The Fund purchased 373,000 trust units under a Normal Course Issuer Bid within the last 12 months at the weighted average price paid per trust unit of $8.77.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
OCP Credit Strategy Fund
Toronto: 647.260.4055 or Toll Free: 1.877.260.4055
www.ocpcreditstrategy.com


Onex Credit Partners, LLC
201.541.2121
IR@onexcredit.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections