SYMPHONY FLOATING RATE SENIOR LOAN FUND TORONTO, July 22, 2022 (GLOBE NEWSWIRE) -- (TSX: SSF.UN) – Brompton Funds (the “Manager”) is pleased to announce an increase in monthly distributions for record dates from July to September 2022 for the class A units (the “Class A Units”) of Symphony Floating Rate Senior Loan Fund (the “Fund”):
Ticker | Amount Per Class A Unit | ||
| Symphony Floating Rate Senior Loan Fund | SSF.UN | $0.05 | |
Record Dates and Payment Dates are as follows:
| Record Date | Payment Date |
| July 29, 2022 | August 15, 2022 |
| August 31, 2022 | September 15, 2022 |
| September 30, 2022 | October 17, 2022 |
The new distribution rate for the Class A Units of the Fund amounts to $0.60 per annum, or an 8.7% yield based on the TSX closing price of $6.90 on July 20, 2022, and represents a 17.6% increase from the previous level. 3-month LIBOR has increased 2.50% year-to-date in 2022, rising from 0.21% on December 31, 2021, to 2.71% on July 18, 2022. As 3-month LIBOR is a common reference rate for interest payments on floating rate senior loans, the Manager expects higher future income for the Fund due to anticipated higher loan interest payments. The Manager will continue to monitor LIBOR for future changes which may affect the Fund’s distribution levels. The Fund’s Class A Units have paid 128 consecutive monthly distributions since inception on November 1, 2011 for total distributions of $6.54 per Class A Unit.
The Fund also announces a new distribution rate for the Class U units of US$0.047 for the above noted record and payment dates, representing a 17.5% increase from the previous level. The new distribution rate represents a distribution rate of 8.2% of net asset value (“NAV”) per annum based on a NAV of US$6.90 on July 20, 2022. The Fund’s Class U Units have paid 128 consecutive monthly distributions since inception on November 1, 2011 for total distributions of US$6.53 per Class U Unit.
Unitholders are reminded that the Fund offers a distribution reinvestment plan (“DRIP”) on the Class A Units and Class U Units which provide unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in a DRIP program by contacting their investment advisor.
About Brompton Funds
Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.
| Annual Compound Returns | YTD | 1-year | 3-year | 5-year | 10-year | Since Inception | |
| Symphony Floating Rate Senior Loan Fund – Class A Units | (7.6%) | (4.2%) | 0.8% | 1.8% | 3.9% | 4.4% | |
| Symphony Floating Rate Senior Loan Fund – Class U Units | (7.7%) | (4.4%) | 1.2% | 2.2% | 3.9% | 4.3% | |
Returns are for the periods ended June 30, 2022 and are unaudited. Inception date November 1, 2011. This table shows the Fund’s compound returns for each period indicated.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment 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 investment 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.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in the unit value and reinvestment of all distributions and do 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. The amount of distributions may fluctuate from month to month and there can be no assurance that the Fund will make any distribution in any particular month.
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.
