Goldman Sachs U.S. Income Builder Trust completed an initial public offering of Class A units at $10 per unit and Class U units at US$10 per unit for proceeds of approximately $87 million. Additional Class A units were issued on July 15, 2014, pursuant to the exercise of the over-allotment option, for additional gross proceeds of $1.56 million. The units are listed on the TSX. Goldman Sachs U.S. Income Builder Trust’s investment objectives are to provide firstly, income; and secondly, capital appreciation, in each case, through investing in an actively managed, diversified portfolio comprised primarily of US fixed income and equity securities.
The manager and investment manager of Goldman Sachs U.S. Income Builder Trust is Brompton Funds Limited. The manager has retained Goldman Sachs Asset Management, L.P. to act as sub-advisor and select investments for the portfolio, which has a baseline allocation to fixed income securities of 60 per cent and to equity securities of 40 per cent.
The offering was co-led by RBC Capital Markets and CIBC and included TD Securities Inc., Scotiabank, BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Mackie Research Capital Corporation, and Manulife Securities Incorporated.
Goldman Sachs U.S. Income Builder Trust and Brompton Funds Limited were represented by Stikeman Elliott LLP with a team including Joel Binder, Emma Parker and Aaron Sigal (corporate and securities); John Lorito, Katy Pitch and Lindsay Gwyer (tax) and Mark McElheran (derivatives).
The agents were represented by a team from Blake, Cassels & Graydon LLP including Jeff Glass and Norbert Knutel (corporate and securities); and Chris Van Loan and Josh Jones (tax). Goldman Sachs Asset Management, L.P. was represented by Andrew Aziz and Timothy Hughes of Osler, Hoskin & Harcourt LLP.