First Trust Advantaged Short Duration High Yield Bond Fund Announces Normal Course Issuer Bid
TORONTO, Oct. 23, 2013 /CNW/ - First Trust Advantaged Short Duration High Yield Bond Fund (the "Fund") is pleased to announce that today, the Toronto Stock Exchange accepted its Notice of Intention to make a normal course issuer bid. Under the bid, the Fund will have the right to purchase up to a maximum of 555,838 Class A Units (representing 10% of the Fund's public float of 5,558,386 Class A Units as of October 22, 2013), commencing October 25, 2013. The Fund may not purchase more than 111,167 Class A Units (representing approximately 2% of the Fund's issued and outstanding Class A Units as of October 22, 2013) in any 30-day period under the bid. The Fund has 5,558,386 Class A Units issued and outstanding as of October 22, 2013. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of October 24, 2014, the termination of the bid by the Fund or the Fund purchasing the maximum number of Class A Units permitted under the bid. Class A Units purchased by the Fund pursuant to the bid will be cancelled. The Fund has not purchased any Class A Units during the previous year pursuant to any issuer bid.
Management and the directors of the manager of the Fund, FT Portfolio Canada Co. (formerly, First Defined Portfolio Management Co.), believe that Class A Units of the Fund may become available during the proposed purchase period at prices that would make such purchases in the best interests of the Fund.
The Class A Units are listed on the Toronto Stock Exchange under the symbol FSD.UN.
SOURCE First Trust Advantaged Short Duration High Yield Bond Fund