Brookfield Investment Management has closed the initial public offering of the Brookfield High Yield Strategic Income Fund.
Prior to the offering, a total of 12.5 million units were offered at $10.00 each, for gross proceeds of $125 million. They’re now listed on the TSX.
The fund provides exposure to a portfolio comprised of high yield bonds, debentures, notes, corporate loans, convertible debentures and other debt instruments rated below investment grade.
Brookfield Investment Management will actively manage the portfolio.
“The Brookfield High Yield Strategic Income Fund gives investors access to the company’s capital markets” says Kim G. Redding, CEO and CIO of Brookfield Investment Management.
Mr. Dana Erikson, Managing Director and Global Head of High Yield, said, “The North American corporate high-yield asset class is supported by positive fundamental conditions, such as corporate liquidity, low default rates and strong credit quality.”
Agents have been allowed an over-allotment option to acquire additional units at $10.00 each any time during the next 30 days.