TORONTO, July 15, 2015 /CNW/ - Onex Credit Partners, LLC, the manager of OCP Credit Strategy Fund (the "Fund"), today announced that the Fund has commenced a Normal Course Issuer Bid to purchase a portion of the outstanding trust units (TSX: OCS.UN) listed on the Toronto Stock Exchange. The Normal Course Issuer Bid has been approved by the Toronto Stock Exchange. The purpose of the Normal Course Issuer Bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the Normal Course Issuer Bid, the Fund may purchase up to 2,399,927 trust units, representing 10% of the public float of the securities issued and outstanding. All purchases will be made through the facilities and in accordance with the requirements of the Toronto Stock Exchange over a maximum period of 12 months commencing on July 17, 2015, and ending on the earlier of July 16, 2016 or on such date as the Fund completes its purchase under the Normal Course Issuer Bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 23,999,270 trust units issued and outstanding as at July 7, 2015. The Fund will not purchase in any given 30 day period, more than 479,985 trust units in the aggregate, representing 2% of the issued and outstanding trust units as at July 7, 2015. The Fund did not purchase any trust units under a Normal Course Issuer bid within the last 12 months.
SOURCE Onex Credit Partners, LLC