OCP Senior Credit Fund Announces Changes to Investment Objectives on or About the Termination of the Forward Agreement on November 19, 2015

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TORONTO, Dec. 1, 2014 /CNW/ - Onex Credit Partners, LLC (the "Manager"), as the manager of OCP Senior Credit Fund (the "Fund") (TSX: OSL.UN), announces that, subject to regulatory approval, it will amend the investment objectives of the Fund on or about the termination date of the forward agreement (the "Forward Agreement") dated November 19, 2010 entered into between the Fund and The Bank of Nova Scotia. The termination date of the Forward Agreement is November 19, 2015 (the "Termination Date").

As a result of changes to the Income Tax Act (Canada) (the "Tax Act"), it is expected that the Forward Agreement will be terminated on the Termination Date, and the portfolio comprised primarily of senior secured loans and other senior debt obligations of non-investment grade issuers (the "Portfolio") held by OCP Credit Trust will, subsequent to the Termination Date, be transferred to and held directly by the Fund. Currently the Fund obtains exposure to the Portfolio indirectly through the Forward Agreement.

Subject to regulatory approval, the Fund's investment objectives will be amended on or about the Termination Date to remove all references to the use of forward agreements to gain exposure to the Portfolio, to delete references to "tax-advantaged" and to clarify that the Fund will invest directly in securities similar to those held by the OCP Credit Trust.

The investment objectives of the Fund after the proposed amendments will be to (i) to provide unitholders with attractive, quarterly distributions, initially targeted to be $0.125 per quarter, representing an annual yield of 5% based on the original issue price of $10.00 per unit; (ii) to preserve capital; and (iii) to generate enhanced return through increasing cash flow to the portfolio as interest rates rise; by investing in a portfolio comprised of senior secured loans and other senior debt obligations of non-investment grade issuers.

Following the termination of the Forward Agreement, distributions paid by the Fund will be characterized primarily as income for tax purposes to the extent they exceed available non-capital losses of the Fund. The termination of the Forward Agreement will not affect the status of the Fund as a "mutual fund trust" under the Tax Act.

SOURCE: Onex Credit Partners, LLC

OCP Senior Credit Fund, Toronto: 647.260.4055, Toll Free: 1.877.260.4055, www.ocpseniorcredit.com, Onex Credit Partners, LLC, [email protected], 1.201.541.2121