Onex Partners IPO raises $320M
TORONTO Onex Corp., one of Canada’s leading private equity firms, said Friday it raised a greater-than-expected $320 million with the initial public offering of its high-yield debt fund, known as the OCP Senior Credit Fund.
Onex Credit Partners, Onex’s credit investing platform, said it sold 32 million units at $10 each. An over-allotment option granted to underwriters to buy another 2.5 million units could see it raise another $25 million if fully exercised.
The offering is being handled by a syndicate co-led by CIBC World Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital, National Bank Financial, TD Securities, Dundee Securities, GMP Securities, Canaccord Adams, HSBC Securities (Canada), Macquarie Private Wealth, Raymond James, Wellington West Capital Markets, Desjardins Securities, Manulife Securities, and Mackie Research Capital Corp.