FRL completes IPO

Senior Secured Floating Rate Loan Fund (FRL) completed an initial public offering of 17,200,000 Class A units and 964,140 Class U units (at $10 per Class A unit and US$10 per Class U unit) for gross proceeds of over $180 million.

Propel Capital Corporation (Propel) is the manager and promoter of the FRL. Propel retained Credit Suisse Asset Management, LLC to provide portfolio management services to the FRL.

The syndicate of agents for the offering was led by CIBC, National Bank Financial Inc., RBC Capital Markets, and TD Securities Inc., and included BMO Capital Markets, GMP Securities L.P., Scotia-bank, Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.

On September 23, 2013, Senior Secured Floating Rate Loan Fund also entered into a loan facility with The Bank of Nova Scotia in an aggregate principal of up to US$117 million.

External counsel reprsenting FRL was provided by Stikeman Elliott LLP with a team that included Darin Renton and Nick Badeen (corporate and securities); John Lorito and Jill Winton (tax) and Sumbul Ali (banking).

External counsel representing the agents was provided by McCarthy T├ętrault LLP. McCarthy's deal team included Andrew Armstrong and Leila Rafi (corporate/securities), and James Morand and Robert Nearing (tax).

Lawyer(s)

Andrew R. Armstrong John G. Lorito James G. Morand Sumbul Ali Robert W. Nearing Leila Rafi Nicholas Badeen Darin R. Renton Jill Winton