PIMCO Multi-Sector Income Fund Files Preliminary Prospectus
TORONTO, (January 27, 2022) – PIMCO Canada Corp. (the “Manager”) announced that on January 25, 2022 a preliminary prospectus for PIMCO Multi-Sector Income Fund (the “Fund”) was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Class A Units and Class F Units (together with the Class A Units, the “Units”) at a price of $10.00 per Class A Unit and $9.83 per Class F Unit.
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 Manager has retained Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.
The Fund’s investment objectives are to provide holders of Units with current income as a primary objective and capital appreciation as a secondary objective, through various market cycles, by utilizing 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, 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 will not have a fixed monthly distribution amount but intends to make cash distributions monthly. The Fund’s monthly distributions are initially targeted to be 5.5% to 6.25% per annum on the initial NAV of $10.00 per Unit (approximately $0.04583 to $0.05208 per Unit per month or $0.55 to $0.625 per annum).1
The syndicate of Agents is being co-led by RBC Capital Markets, National Bank Financial Inc. and CIBC Capital Markets, and includes TD Securities Inc., BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., Raymond James Ltd., Richardson Wealth Limited, Desjardins Securities Inc., Echelon Wealth Partners Inc., Hampton Securities Ltd., iA Private Wealth Inc., and Manulife Securities Inc.
