Brookfield closes IPO of Brookfield High Yield Strategic Income Fund

By Tali David

Minneapolis, June 19 - Brookfield Investment Management (Canada) Inc. announced the closing of the initial public offering of the Brookfield High Yield Strategic Income Fund, according to a press release.

The fund issued 12.5 million units at C$10 per unit for total proceeds of C$125 million. There is a 30-day over-allotment option for additional units.

The fund's investment objectives are to provide unitholders with tax-advantaged quarterly cash distributions, maximize total return via distributions and capital appreciation and preserve capital.

The fund provides exposure to a portfolio comprised primarily of high-yield bonds, debentures, notes, corporate loans, convertible debentures and other debt instruments that are rated below investment grade.

The units are listed on the Toronto Stock Exchange under the symbol BHY.UN.

The syndicate of agents for the offering was led by RBC Capital Markets and CIBC and included Scotiabank, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities LP, Raymond James Ltd., Dundee Securities Ltd., Macquarie Private Wealth Inc., Manulife Securities Inc. and Brookfield Financial Corp.

Brookfield is a global alternative asset manager based in Toronto.

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