We were also part of a creditor group that successfully negotiated a pre-packaged bankruptcy and plan of arrangement for GTT Communications, Inc., leading to a double-digit rise in the value of this term loan position. Chief amongst these was our position in American Tire Distributors, Inc., where the capital structure gained on strong operating results and a debt refinancing transaction. The Fund’s September return was bolstered by a variety of special situations where investors refocused on value that had been obscured by the fog of restructuring. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. The Pender Corporate Bond Fund returned 0.9% in September.
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