Senior Secured Floating Rate Loan Fund files Preliminary Prospectus

TORONTO, July 24, 2013 /CNW/ - Senior Secured Floating Rate Loan Fund (the "Fund") announces that it has filed a preliminary prospectus dated July 23, 2013 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering (the "Offering") of Class A Units and Class U Units of the Fund (collectively, the "Units") at a price of $10 per Class A Unit and U.S. $10 per Class U Unit.  Class U Units are designed for investors who want to make their investment in U.S. dollars.

The Fund's investment objectives are to provide holders of Units with stable monthly cash distributions, preservation of capital and increased returns in the event that short-term interest rates rise.  The Fund has been created to invest in an actively managed portfolio consisting primarily of first lien senior secured floating rate corporate loans of U.S. borrowers.  The Fund's distributions are initially targeted to be 6.5% per annum on the subscription price of $10 ($0.054167 per Unit per month or $0.65 per Unit per annum).

Propel Capital Corporation ("Propel") is the manager and promoter of the Fund.  Propel has retained Credit Suisse Asset Management, LLC ("Credit Suisse") to provide portfolio management services to the Fund. Credit Suisse has approximately U.S. $400 billion in assets under management as of March 31, 2013, including over U.S. $19 billion in senior secured loans.

The syndicate of agents for this offering is being led by CIBC, National Bank Financial Inc., RBC Capital Markets, and TD Securities Inc., and includes BMO Capital Markets, GMP Securities L.P., Scotiabank, Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd. and Manulife Securities Incorporated.

A preliminary prospectus containing important information relating to these units has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.

SOURCE: Propel Capital Corporation

please call Raj Lala, President, Propel Capital at 416-572-2364 or visit  www.propelcapital.ca