Exchange Bulletin
2028 Investment Grade Bond Trust (IGBT.UN) To Trade On Toronto Stock Exchange
December 19, 2023
| Issuer: | 2028 Investment Grade Bond Trust (the "Fund") |
| Security: | Class F units (the "Units") |
| Symbol: | IGBT.UN |
| Issued and outstanding securities: | Up to 12,075,000 |
| Reserved securities: | 2,075,000 |
| Issue price: | $10.00 |
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering of Units (the "Offering") |
| Listing date: | December 20, 2023 (as at 5:01 pm) in anticipation of closing of the Offering. |
| Anticipated closing date: | December 21, 2023 |
| Posted for trading date: | December 21, 2023 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Temporary market maker: | CIBC World Markets Inc. |
| Security ownership registration: | CDS book-entry system |
| Investor relations: | Robert Anton Managing Director, President (416) 775-3600 robert.anton@nextedgecapital.com - OR - Madeleine Lovelock VP Operations & Compliance Manager (416) 775-3600 Madeleine.lovelock@nextedgecapital.com |
| Incorporation: | A closed-end investment fund established as a trust under the laws of the Province of Ontario pursuant to a declaration of trust dated as of December 4, 2023. |
| Manager and Trustee: | Next Edge Capital Corp. |
| Fiscal year end: | The Fund's year-end for financial reporting is December 31 and the Fund's year-end for taxation is December 15. |
| Nature of business: | The Fund will seek to (i) preserve capital; and (ii) pay quarterly cash distributions, by investing primarily in corporate debt securities. To achieve its investment objectives, the Fund will acquire a portfolio (the "Portfolio") comprised primarily of debt securities of Canadian companies ("Eligible Debt Securities"). At least 75% of the Portfolio will be invested in Investment Grade Securities and up to 25% of the Portfolio may be invested in High Yield Debt Securities. The Portfolio is expected to be comprised primarily of Eligible Debt Securities that have an average maturity of five (5) years or less and it is expected that the securities generally will be held by the Fund until their respective maturities. The Fund has a five-year term and is expected to be terminated on or about March 31, 2028. |
| Transfer agent and registrar: | TSX Trust Company at its principal office in Toronto. |
| Distributions | The Fund will not have a fixed quarterly distribution amount but intends to provide Unitholders with quarterly cash distributions. Distributions are targeted to be approximately $0.125 per Unit per quarter for the Fund's first four quarters of operation or $0.50 for the Fund's first year of operation.). The initial cash distribution is expected to be payable to Unitholders of record on March 31, 2024. |
| Sponsorship: | Not applicable |
| Disclosure document: | Prospectus dated December 7, 2023, which is available at www.SEDARplus.ca. Capitalized terms not otherwise defined herein are as defined in the Disclosure document. |
| Initial public offering: | Pursuant to the terms of the Prospectus, a maximum of 10,000,000 Units (and a minimum of 2,000,000 Units) at a price of $10.00 per Unit, are being offered to the public. In addition, the underwriters have been granted an over-allotment option to purchase up to an additional 1,500,000 Units from treasury at the Offering Price. |
| TSX contact: | Selma Thaver, Managing Director, TSX Listings. |
