Wednesday July 24th, 2013
Purpose Investments Inc. (“Purpose”) is pleased to announce that it has filed a final prospectus dated July 23, 2013 with the securities regulatory authorities of all of the Canadian provinces and territories for U.S. dollar denominated Class U units and Class V units (together the “USD Units”) of the Limited Duration Investment Grade Preferred Securities Fund (the “Fund”) at a price of U.S. $25.00 per USD Unit. The Toronto Stock Exchange has conditionally approved the listing of the Class U units under the ticker “PFD.U”. The Fund will be managed by Purpose and the portfolio will be actively managed by Nuveen Asset Management, LLC., and the offering is expected to close on August 8, 2013.
The Fund’s investment objectives are to provide unitholders with: (i) a stable stream of monthly distributions; (ii) to preserve the net asset value per Unit; and (iii) to reduce the risk of rising interest rates by managing portfolio duration. The initial distribution target for the USD Units is U.S. $0.1198 per USD Unit per month or U.S. $1.4375 per annum representing a 5.75% annual distribution yield based on the subscription price of U.S. $25.00 per USD Unit.
USD Units of the Fund are being offered on a best efforts basis in each of the provinces and territories in Canada through a syndicate of investment dealers co-led by TD Securities Inc., CIBC, RBC Capital Markets, National Bank Financial Inc., Scotiabank and including BMO Capital Markets, Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated and Rothenberg Capital Management Inc.
A final prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the final prospectus may be obtained from one of the agents noted above. Investors should read the final prospectus before making an investment decision.