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First Trust FPF attracts USD1.42bn in IPO

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The initial public offering of the First Trust Intermediate Duration Preferred & Income Fund, a closed-end fund, raised USD1.42bn. Should the underwriters exercise the over-allotment option in full, which may or may not occur, the fund will have raised approximately USD1.63bn.

The fund’s primary investment objective is to seek a high level of current income. The fund has a secondary objective of capital appreciation. The fund is expected to commence trading on 24 May 2013 on the NYSE under the ticker symbol FPF.

First Trust is the fund’s investment adviser and is responsible for supervising the fund’s sub-adviser, managing the fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. First Trust, in consultation with the sub-adviser, will also be responsible for determining the Fund’s overall investment strategy and overseeing its implementation.
 
Stonebridge Advisors is the fund’s investment sub-adviser and is primarily responsible for the day-to-day supervision and investment strategy of, and making investment decisions for, the fund. The lead managers of the common share underwriting syndicate were Morgan Stanley, Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith.

 

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