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Client Work

Manulife Strategic Income Opportunities Fund raises US$103 million in its IPO

Fasken
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Client

RBC Dominion Securities Inc. and syndicate of agents

On June 17, 2011, Manulife Investments announced the closing of the initial public offering of units of the Manulife Strategic Income Opportunities Fund ("the Fund"), a closed-end investment fund which upon closing became listed on the Toronto Stock Exchange (TSX: MSO.UN). This Fund provides exposure, on a tax-advantaged basis, to an actively managed portfolio comprised of fixed-income securities of global issuers, including investment grade and high yield corporate bonds and developed and emerging market government bonds. The IPO raised gross proceeds of $100 million on June 17 and an additional $3 million was raised upon the closing of the over-allotment option on July 6, resulting in the Fund raising aggregate gross proceeds of $103 million.  The syndicate of agents was led by RBC Capital Markets and included CIBC World Markets, BMO Capital Markets, Manulife Securities Incorporated, Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp., Mackie Research Capital Corporation, Raymond James Ltd. and Wellington West Capital Markets Inc. The syndicate of agents was advised in this matter by Fasken Martineau with a team led by Stephen Erlichman which included Daniel Fuke and Laura Fetter (securities) and Mitchell Thaw (tax).

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