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PIMCO Tactical Income to trade on TSX Oct. 20

2020-10-16 20:04 ET - New Listing

The Toronto Stock Exchange reports that PIMCO Tactical Income Fund will be listed at 5:01 p.m. on Oct. 19, 2020, for trading at the open on Oct. 20, 2020. According to the TSX, there will be up to 87.5 million Class A units of the fund issued and outstanding, and 13,125,000 Class A units reserved for issuance. The units will trade under the symbol PTI.UN, in Canadian dollars and under Cusip No. 72202K 10 0.

The TSX reports that the fund seeks to provide its unitholders with current income as a primary objective and capital appreciation as a secondary objective, through various market cycles, by using a dynamic asset allocation strategy among multiple sectors in the global credit markets, including corporate debt, mortgage related and other asset-backed securities, government and sovereign debt, taxable municipal bonds, other fixed-, variable- and floating-rate income-producing securities of U.S. and global issuers, including emerging market issuers, and real estate related investments. The fund has been created to invest in an actively managed portfolio of: (i) debt obligations and other income-producing securities and instruments of any type and credit quality with varying maturities and related derivatives; and (ii) real estate related investments. The fund's manager is Pimco Canada Corp. and its trustee is State Street Trust Company Canada. Its transfer agent and registrar is AST Trust Company (Canada) at its principal office in Toronto, and its fiscal year-end is Dec. 31.

According to the TSX, the fund does not have a fixed monthly distribution amount, but it intends to provide unitholders with monthly cash distributions. While the fund will not have a fixed distribution, distributions are initially targeted to be 6.0 per cent to 6.5 per cent per annum on the initial net asset value (NAV) of $10 per Class A unit (approximately five cents to 5.417 cents per Class A unit per month or 60 cents to 65 cents per annum). The initial cash distribution of five cents to 5.417 cents per Class A unit will be payable to unitholders of record on Dec. 31, 2020, and is expected to be made on or about Jan. 15, 2021. As stated in its prospectus dated Sept. 25, 2020, the fund will issue a maximum of 87.5 million Class A units (and a minimum of 10 million units) at $10 per Class A unit under its initial public offering. It expects to close the offering on Oct. 20, 2020.

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