TORONTO, ONTARIO--(Marketwired - Dec 14, 2015) - Symphony Floating Rate Senior Loan Fund (TSX:SSF.UN) -
Investors and investment advisors are invited to listen to an update on the US Senior Loan Market, hosted by Larry Holzenthaler of Symphony Asset Management ("Symphony"). A link to the replay of the update recorded on December 9, 2015 has been posted to the Brompton Funds website at http://www.bromptongroup.com/static/mp3/ssf_dec15.mp3. The Fund is available for purchase on the Toronto Stock Exchange under the ticker symbol SSF.UN.
Symphony Floating Rate Senior Loan Fund (the "Fund") invests primarily in floating-rate Senior Loans, which are the most senior corporate obligations of a borrower, and are secured by the borrower's assets. As a result, Senior Loans have a first-priority secured claim on repayment ahead of bonds and equity. Senior Loans also feature floating rate interest payments which may help investors avoid potential negative performance of fixed-rate bonds in periods of rising interest rates. Symphony believes that senior loan fundamentals remain strong as U.S. economic fundamentals remain intact and corporate default rates are expected to remain low.
The Fund has a current distribution target of $0.60 per annum, representing a market distribution rate of approximately 7.2% based on the November 30, 2015 closing price. The Fund is designed to pay tax-efficient Return of Capital distributions until October 2016. At the highest personal income tax rate in Ontario (49.53%), an investor would need to earn regular interest income at a rate of 10.8% per annum to realize the same after-tax cash flows.
About Brompton Funds
Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with over $2.0 billion in assets under management. Brompton's investment solutions include TSX listed closed-end funds, mutual funds, hedge funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.
About Symphony
Symphony Asset Management LLC is the investment manager of Symphony Floating Rate Senior Loan Fund. Backed by an institutional-calibre integrated credit platform and supported by a 22-member team of experienced credit investment professionals, Symphony manages approximately US$13.8 billion in senior loans and has approximately US$17.2 billion in total assets under management, as at September 30, 2015. Funds sub-advised by Symphony have achieved the top five and ten-year performance rankings by Lipper as at September 30, 2015(1) for the senior loan asset class. Symphony is a wholly-owned subsidiary of Nuveen Investments Inc. Senior Loan closed-end funds sub-advised by Symphony have achieved the top Lipper performance ranking in the Loan Participation Fund category over 5 and 10 years (as at September 30, 2015).