OCP Credit Strategy Fund (TSX:OCS.UN) announces an Equity Buyback for 929,421 shares, representing 10% of its issued share capital.
July 16, 2019 at 09:30 am IST
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OCP Credit Strategy Fund (TSX:OCS.UN) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 929,421 trust units, representing 10% of its issued and outstanding units. The trust units repurchased will be cancelled. The purpose of the 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. The bid will continue for a period of 12 months commencing from July 18, 2019 and will expire on July 17, 2020, 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. As of July 2, 2019, the fund had 9,294,218 trust units issued and outstanding.
OCP Credit Strategy Fund is a Canada-based investment fund. The Fund is governed by the laws of the province of Ontario managed by Onex Credit Partners, LLC (OCP). The Fund provides unit holders with exposure to the performance of an actively managed, diversified portfolio (the Portfolio) comprised primarily of senior debt obligations of non-investment grade North American issuers. OCP believes that opportunities exist in the North American non-investment grade credit markets. OCP Credit Strategy Fundâs investment strategy is to generate risk adjusted returns through a long/short investment strategy focused on actively traded, event-driven, senior debt securities in the noninvestment grade debt markets. In order to manage risk and volatility, the strategy is based on a diversified portfolio, with limited exposure to equity investments and no financial leverage.
OCP CREDIT STRATEGY FUND 