Symphony Asset Management Provides Senior Loan Update
December 05 2013 - 10:12AM
Marketwired
Symphony Asset Management Provides Senior Loan Update
TORONTO, ONTARIO--(Marketwired - Dec 5, 2013) - (TSX:SSF.UN)
Investors and investment advisors are invited to listen to an
update on the US Senior Loan Market, hosted by Larry Holzenthaler
of Symphony Asset Management ("Symphony"). Investors may listen to
the recording of the update call or download the presentation on
the Brompton Funds website at www.bromptongroup.com/symphony. The
Fund is available for purchase on the Toronto Stock Exchange under
the ticker symbol SSF.UN.
Symphony Floating Rate Senior Loan Fund (the "Fund") invests
primarily in floating-rate Senior Loans, which are the most senior
corporate obligations of a borrower, and are secured by the
borrower's assets. As a result, Senior Loans have a first-priority
secured claim on repayment ahead of bonds and equity. Senior Loans
also feature floating rate interest payments which may help
investors avoid potential negative performance of fixed-rate bonds
in periods of rising interest rates.
The Fund has a current distribution target of $0.70 per annum
(approximately 7% of the December 3, 2013 closing price). The Fund
is designed to pay tax-efficient Return of Capital distributions
until October 2016. At the highest personal income tax rate in
Ontario (49.53%), an investor would need to earn regular interest
income at a rate of 10.4% per annum to realize the same after-tax
cash flows.
About Symphony
Symphony Asset Management manages approximately US$10.1 billion
in Senior Loan assets and is a subsidiary of Nuveen Investments
Inc., the largest sponsor of US closed-end funds with approximately
US$220 billion in assets under management. Senior Loan closed-end
funds sub-advised by Symphony have achieved the top Lipper
performance ranking in the Loan Participation Fund category over 3,
5 and 10 years (as at October 31, 2013).
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced
investment fund manager operating since 2002. Brompton is focused
on meeting the needs of investors by offering low cost, innovative
products with client friendly terms and supported by strong
corporate governance. For further information, please contact your
investment advisor, call Brompton's investor relations line at
416-642-6000 / toll-free at 1-866-642-6001/ email
info@bromptongroup.com or visit our website at
www.bromptongroup.com.
Commissions, trailing commissions, management fees and
expenses all may be associated with investment funds. Please read
the fund's publicly filed documents which are available from SEDAR
at www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be
repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this news release and to other matters identified in
public filings relating to the Fund, to the future outlook of the
Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or any applicable
exemption from the registration requirements. This news release
does not constitute an offer to sell or the solicitation of an
offer to buy securities nor will there be any sale of such
securities in any state in which such offer, solicitation or sale
would be unlawful.
Brompton GroupInvestor Relations Line416-642-6000 or toll-free
at 1-866-642-6001info@bromptongroup.comwww.bromptongroup.com
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