Symphony Floating Rate Senior Loan Fund (TSX:SSF.UN) announces an Equity Buyback for 1,523,400 units.
November 16, 2016 at 10:30 am IST
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Symphony Floating Rate Senior Loan Fund (TSX:SSF.UN) announces a share repurchase program. Under the program, the fund will repurchase up to 1,523,400 units, representing approximately 10% of its public float. The company will repurchase its units through the facilities of the Toronto Stock Exchange or other alternative Canadian trading system. The shares will only be repurchased at a price per unit not exceeding the last published net asset value per unit. The units repurchased will be cancelled. The fund may purchase up to 308,918 units in any 30-day period, which is 2% of the issued and outstanding units at November 9, 2016. The company believes that the repurchase is in the best interest of the fund and that it's a desirable use of its available funds. The program will commence on November 21, 2016 and will run until November 20, 2017. As of November 16, 2016, the company had 15,234,106 units in public float.
Symphony Floating Rate Senior Loan Fund (the Fund) is a mutual fund trust. The Fundâs investment objectives are to provide unitholders with monthly distributions and to preserve capital. The Fund invests in an actively managed diversified Portfolio consisting primarily of short duration senior secured floating rate corporate loans typically issued by non-investment grade companies, with exposure gained through direct purchase of senior loans made by banks or other financial institutions to borrowers, assignments of such interest in senior loans, and participation interests in senior loans. The Fundâs portfolio includes various sectors such as communication services, Consumer discretionary, Consumer staples, energy, health care, utilities, Financials, industrials, real estate, and Information technology. The Fund is managed by Brompton Funds Limited.