Symphony Floating Rate Senior Loan Fund Declares Special Year End Distributions
Not for distribution to U.S. newswire services or for dissemination in the United States.
TORONTO, Dec. 20, 2023 (GLOBE NEWSWIRE) — (TSX: SSF.UN) For the year ended December 31, 2023, Symphony Floating Rate Senior Loan Fund (the “Fund”) estimates that it will generate income in excess of the previously announced distributions for the year. As a result, the Fund announces special distributions estimated to be $0.03 per class A unit (“Class A Unit”) and US$0.05 per class U unit (“Class U Unit”) to unitholders of record at the close of business on December 29, 2023. The distributions will automatically be reinvested in additional Class A Units and Class U Units, as applicable. Immediately following issuance, the Class A Units and Class U Units, as applicable, will be automatically consolidated and as a result unitholders of the applicable class will hold the same number of units of the applicable class after the distribution as they held before it. The estimated amounts of automatic reinvestment, as noted above, may change depending on any other transactions occurring before year end and the actual income for the year as finally determined. The adjusted cost base of a holder’s units will be increased by the amount of the distribution reinvested as of December 29, 2023.
Class A Units have delivered a year-to-date total return of 10.4% as of November 30, 2023.1 Class A Unitholders receive monthly distributions, currently in the amount of $0.05 per unit ($0.60 per annum), which represents a 9.0% distribution rate based on the closing market price of the Class A Units on December 18, 2023.
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(1) See performance table below. Returns are for the periods ended November 30, 2023 and are unaudited. Inception date: November 1, 2011. The table shows the Fund’s compound returns for each period indicated. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on net asset value per unit and assumes that distributions made by the Fund on its units in the period shown were reinvested at net asset value per unit in additional units of the Fund.
| Compound Annual Returns | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Inception |
| Symphony Floating Rate Senior Loan Fund – Class A | 10.4% | 9.0% | 6.2% | 2.9% | 3.3% | 4.7% |
| Symphony Floating Rate Senior Loan Fund – Class U | 10.4% | 9.3% | 6.1% | 3.2% | 3.3% | 4.6% |
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy Units nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in the public filings available at www.sedarplus.ca. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and no not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
