Advantaged Canadian High Yield Bond fund announces plans for IPO

By Angela McDaniels

Tacoma, Wash., Feb. 8 - Advantaged Canadian High Yield Bond fund plans to sell units in an initial public offering, according to a news release from manager Scotia Managed Cos. Administration Inc.

The fund will provide exposure to a portfolio of Canadian high-yield fixed-income securities to be managed by High Rock Capital Management Inc.

The closed-end investment fund plans to issue class A units and class F units at a price of C$10 each.

The syndicate of agents is led by Scotia Capital Inc. and includes BMO Nesbitt Burns Inc., GMP Securities LP, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Raymond James Ltd., Acumen Capital Finance Partners Ltd., Dundee Securities Ltd., Macquarie Private Wealth Inc., Union Securities Ltd. and Wellington West Capital Markets Inc.

The fund's investment objectives are to preserve and enhance the net asset value of the fund and provide unitholders with quarterly tax-advantaged distributions, which are initially expected to total C$0.675 per class A unit and C$0.74 per class F unit per year.

The fund expects to become an open-end mutual fund on March 29, 2013. At that time, the class A units will be delisted from any stock exchange on which they are listed and will be redeemable at their net asset value on a weekly basis.

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