Toronto-based Meadowbank Capital Inc. said Wednesday that Legg Mason BW Investment Grade Focus Fund (TSX:BWI.UN) has completed its initial public offering of $10 units for gross proceeds of $32,000,000.
The units began trading Thursday on the Toronto Stock Exchange under the symbol BWI.UN.
The fund has been created to provide exposure, on a tax-advantaged basis, to an actively managed portfolio comprised primarily of global investment grade debt securities.
The portfolio will be actively managed by Brandywine Global Investment Management, LLC. Brandywine Global is a wholly owned subsidiary of Legg Mason. As of June 30, 2012, Brandywine Global and Legg Mason had aggregate assets under management of approximately U.S. $39 billion and U.S. $638.1 billion respectively. The fund will be managed by Meadowbank.
The fund has granted the agents for the offering an over-allotment option to acquire up to an additional 480,000 Units at a price of $10.00 per unit exercisable in whole or in part during the next 30 days.
The syndicate of agents for the offering was led by RBC Capital Markets, CIBC, BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated and Mackie Research Capital Corporation.