Canso Credit Income Fund Completes $146.4M IPO

On July 16, 2010, Canso Credit Income Fund completed an initial public offering of 11,395,678 Class A units and 2,604,322 Class F units at $10 per unit for gross proceeds of $140,000,000. On July 29, 2010, the syndicate of agents for the offering exercised its over-allotment option and acquired an additional 640,000 Class A units at a price of $10 per unit. In total the Fund issued 12,035,678 Class A units and 2,604,322 Class F units for total gross proceeds of $146,400,000.

The syndicate of agents for the offering was led by RBC Capital Markets and includes CIBC World Markets Inc., BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., GMP Securities L.P., Dundee Securities Corporation, Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

Stikeman Elliott LLP acted as counsel for the Fund with a team that comprised Philip Henderson and Greg Herget (corporate/securities) and John Lorito and Katy Pitch (tax).

McCarthy Tétrault LLP represented the syndicate of agents with a team that comprised Andrew Armstrong and Danielle Traub (corporate/securities) and James Morand (tax).