Excel Latin America Bond Fund II (the “Fund”) completed an initial public offering of Class A units, Class F units and Class U units at a price of $10 per Class A unit and Class F unit and US$10 per Class U unit. Additional Class A units were issued on June 12, 2013, pursuant to the exercise of the over-allotment option. In aggregate, the Fund raised gross proceeds of approximately $52 million from the sale of the units. The Class A units are listed for trading on the Toronto Stock Exchange under the symbol “ELB.UN”.
The Fund's investment objectives are to provide unitholders with (i) monthly distributions, and (ii) the opportunity for capital appreciation, in each case, by investing in a diversified portfolio (the “Portfolio”) consisting primarily of US dollar denominated high yield fixed income securities issued by companies located in Latin America.
Excel Funds Management Inc., the Fund's manager, and Excel Investment Counsel Inc., the Fund's portfolio manager, are part of the Excel Funds group, a Canadian pioneer in emerging market mutual fund investing, which manages 12 other investment funds focused on the emerging markets. BTG Pactual, one of Latin America's leading independent asset managers, acts as sub-advisor in connection with the selection, purchase and sale of portfolio securities and other assets of the Portfolio.
The units were offered for sale by a syndicate of agents co-led by BMO Capital Markets, CIBC and RBC Capital Markets and including National Bank Financial Inc., Raymond James Ltd., TD Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Dundee Securities Ltd., Mackie Research Capital Corporation, Macquarie Private Wealth Inc., Manu-life Securities Incorporated, Industrial Alliance Securities Inc. and Sherbrooke Street Capital (SSC) Inc.
The Fund and Excel Funds Management Inc. were represented by a team from Stikeman Elliott LLP including Joel Binder, Emma Parker and Brandon Hoffman (corporate and securities) and John Lorito, Jill Winton and Lindsay Gwyer (tax).
The agents were represented by a team from McCarthy Tétrault LLP including Andrew Armstrong and Michael Eldridge (corporate and securities) and James Morand (tax).