First Trust raises funds for investments in senior floating-rate loans

By Toni Weeks

San Diego, Jan. 8 -The First Trust Senior Floating Rate Income Fund II said it has entered into a sales agreement with JonesTrading Institutional Services LLC to conduct an offering of common shares, according to a 497 filing with the Securities and Exchange Commission.

The diversified, closed-end management investment company seeks high current income with preservation of capital as a secondary objective and, under normal market conditions, will invest at least 80% of its managed assets in a portfolio of senior secured floating-rate corporate loans.

William Housey and Scott D. Fries lead the investment management team.

The fund will offer up to 2,853,235 common shares (NYSE: FCT).

The sales load is 1%. Including a 1.07% management fee, total annual expenses are expected to be 1.79%.

Wheaton, Ill.-based First Trust Advisors LP is the investment adviser to the fund, which commenced operations in May 2004.

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