DoubleLine Income Solutions Trust (Fund) announced the closing of its initial public offering of Class A Units and Class U Units. Inclusive of the over-allotment option, a portion of which was exercised by the agents on Dec. 20, 2013, the Fund raised gross proceeds of approximately $84 million, including approximately $75.7M from the sale of 7,570,020 Class A Units and approximately US$7.6 million from the sale of 768,540 Class U Units. The Class A Units are listed on the Toronto Stock Exchange under the symbol DSL.UN.
The Fund has been established to provide holders of units with an investment in a diversified portfolio (the Portfolio) of investments selected for their potential to provide high current income, growth of capital, or both. The Fund may invest in debt securities and other income-producing investments based on the assessment of DoubleLine Capital LP, the Fund's portfolio manager, of the potential returns and risks of different sectors of the debt security markets and of particular securities.
The Fund's primary investment objective is to seek current income; its secondary objective is to seek capital appreciation in each case by investing in the Portfolio.
BMO Nesbitt Burns Inc. is the promoter of the Fund, was one of the agents in connection with the Offering and is the manager of the Fund.
The Units were offered for sale by a syndicate of agents co-led by BMO Capital Markets, RBC Capital Markets, CIBC, Scotiabank, National Bank Financial Inc., and TD Securities Inc., and including GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, and Manulife Securities Incorporated.
DoubleLine Income Solutions Trust and BMO Nesbitt Burns Inc., as manager and promoter, were represented by in-house counsel Jonathan Naimark and Mary Sum (corporate and securities), and Ann Marie McGovern and Rob Fellows (tax); and McCarthy Tétrault LLP with a team led by Andrew Armstrong and including Michael Eldridge (capital markets) and Nigel Johnston (tax).
The syndicate of agents was represented by Stikeman Elliott LLP with a team led by Joel Binder and including Nick Badeen (corporate finance and securities) and John Lorito and Katy Pitch (tax).
The Fund has been established to provide holders of units with an investment in a diversified portfolio (the Portfolio) of investments selected for their potential to provide high current income, growth of capital, or both. The Fund may invest in debt securities and other income-producing investments based on the assessment of DoubleLine Capital LP, the Fund's portfolio manager, of the potential returns and risks of different sectors of the debt security markets and of particular securities.
The Fund's primary investment objective is to seek current income; its secondary objective is to seek capital appreciation in each case by investing in the Portfolio.
BMO Nesbitt Burns Inc. is the promoter of the Fund, was one of the agents in connection with the Offering and is the manager of the Fund.
The Units were offered for sale by a syndicate of agents co-led by BMO Capital Markets, RBC Capital Markets, CIBC, Scotiabank, National Bank Financial Inc., and TD Securities Inc., and including GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, and Manulife Securities Incorporated.
DoubleLine Income Solutions Trust and BMO Nesbitt Burns Inc., as manager and promoter, were represented by in-house counsel Jonathan Naimark and Mary Sum (corporate and securities), and Ann Marie McGovern and Rob Fellows (tax); and McCarthy Tétrault LLP with a team led by Andrew Armstrong and including Michael Eldridge (capital markets) and Nigel Johnston (tax).
The syndicate of agents was represented by Stikeman Elliott LLP with a team led by Joel Binder and including Nick Badeen (corporate finance and securities) and John Lorito and Katy Pitch (tax).
Lawyer(s)
Katy Pitch
Ann Marie McGovern
John G. Lorito
Nigel P.J. Johnston
Nicholas Badeen
Joel E. Binder
Mary Sum
Jonathan Naimark