O' Leary Funds Closes IPO

On February 18, 2011, O'Leary Funds completed its initial public offering of 15,500,000 Units of Yield Advantaged Convertible Debentures Fund at a price of $12 per Unit for aggregate gross proceeds of $186 million. The syndicate of agents was led by CIBC and included National Bank Financial Inc., Scotia Capital Inc., BMO Capital Markets, Macquarie Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and MGI Securities Inc.
The Fund's investment objectives are to (i) provide unitholders with monthly tax-advantaged distributions consisting initially primarily of returns of capital targeted to be $0.07 per unit ($0.84 per annum representing an annual cash distribution of 7 per cent based on the $12 per unit issue price); (ii) maximize total return for unitholders and (iii) preserve capital.

Yield Advantaged Convertible Debentures Fund was advised by in-house counsel Katarzyna Szybiak and assisted by Andrew Armstrong and Matthew Appleby (business law/securities) and James Morand and Nigel Johnston (tax) of McCarthy Tétrault LLP.

CIBC and the syndicate of agents were advised by Jeff Glass and Norbert Knutel (corporate/securities) and Chris Van Loan, Edward Miller and Jesse Brodlieb (tax) of Blake, Cassels & Graydon LLP.