Toronto-based PIMCO Canada Corp. Friday announce the closing of the initial public offering of PIMCO Global Income Opportunities Fund.
The fund issued 60 million Class A Units priced at $10 per unit for gross proceeds of $600 million.
Units of the closed-end fund are listed on the Toronto Stock Exchange under the symbol PGI.UN.
The fund was created to invest in an actively managed portfolio comprised primarily of fixed-income securities selected from multiple global fixed-income sectors. PIMCO Canada affiliate Pacific Investment Management Company, LLC, based in Newport Beach, Calif., provices investment management services to the fund.
The fund will not have a fixed monthly distribution amount but intends to make cash distributions monthly. Its monthly distributions are initially targeted to be 6.5% per year based on the original subscription price (or $0.05417 per Class A Unit per month, or $0.65 per year).
The syndicate of agents was co-led by RBC Capital Markets, CIBC, TD Securities and National Bank Financial, and includes Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., GMP Securities L.P., Manulife Securities Inc., Raymond James Ltd., Desjardins Securities, and Mackie Research Capital Corp.
The fund has granted the agents an over-allotment option to acquire additional units at any time during the next 30 days.