Ridgewood Canadian Investment Grade Bond Fund closes $52.4 million IPO
Client
Ridgewood Canadian Investment Grade Bond Fund
Date
December 18, 2009
On December 18, 2009, Ridgewood Capital Asset Management Inc. announced the closing of the initial public offering of Ridgewood Canadian Investment Grade Bond Fund (the "Fund") for gross proceeds of more than $50 million. On January 8, 2010, the agents exercised their over-allotment option to acquire 167,000 additional units for the gross proceeds of $2,004,000. The units are listed for trading on the Toronto Stock Exchange under the symbol RIB.UN.
The Fund will seek to achieve the following investment objectives: (i) to provide unitholders with monthly cash distributions, initially targeted to be 5.25% per annum on the original issue price of $12.00 per unit; and (ii) to maximize total returns for unitholders while preserving capital in the long term.
The syndicate of agents for the offering was led by TD Securities Inc., CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Blackmont Capital Inc., Canaccord Financial Ltd., Desjardins Securities Inc., Dundee Securities Corporation and Manulife Securities Incorporated.
The Fund was advised in this offering by Fasken Martineau with a team that included Tracy Hooey, Tina Chun and Louise Kennedy (corporate/securities); and Mitchell Thaw (tax).
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