OCP Senior Credit Fund to Return Capital to its Investors

All amounts in U.S. dollars
unless otherwise stated

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TORONTO, July 24, 2020 /CNW/ - OCP Senior Credit Fund (TSX: OSL.UN) (the "Fund") announced today that Onex Credit Partners, LLC (the "Manager"), the manager of the Fund, has decided to terminate the Fund on September 25, 2020 or as soon as practicable after such date. The total assets of the Fund have been reduced to a level where the Manager believes it is in the best interests of unitholders of the Fund ("Unitholders") to terminate the Fund.

In accordance with the Fund's declaration of trust, the Manager may at its discretion, on not less than 30 days' notice to Unitholders, terminate the Fund without the approval of Unitholders if, in the opinion of the Manager, it would be in the best interests of the Unitholders to terminate the Fund. Following the conversion of the assets of the Fund to cash, and the satisfaction of, or provision for, all liabilities of the Fund, the net assets of the Fund will be distributed to Unitholders on a pro rata basis. Following such distribution, the Fund will terminate.

In light of this announcement, the Fund does not intend to make further distributions to Unitholders.

About Onex Credit

Established in 2007, Onex Credit has grown its assets under management from approximately $300 million to over $12 billion. With offices in New York, New Jersey and London, Onex Credit's business is focused on non-investment grade credit markets including leveraged loan, CLO, direct lending, high yield and opportunistic investing strategies.

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex' platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff's actively managed public equity and public credit funds. In total, Onex has approximately $32.9 billion of assets under management, of which approximately $6.0 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms.

The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $27 billion and employ approximately 170,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex' security filings can also be accessed at www.sedar.com.

SOURCE OCP Senior Credit Fund

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