Onex Credit Partners Announces One Week Reopening of Its OCP Credit Strategy Fund (OCS.UN)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES 


Onex Credit Partners, LLC ("OCP") is pleased to announce that OCP Credit
Strategy Fund (the "Fund") (TSX:OCS.UN) has filed a preliminary short form
prospectus in each of the provinces of Canada with respect to an additional
offering (the "Offering") of Units (the "Units") of the Fund. 


The Fund provides Unitholders with exposure to the performance of an actively
managed, diversified portfolio (the "Portfolio") comprised primarily of senior
loans and other senior debt obligations of non-investment grade North American
issuers.




The Fund seeks to achieve the following investment objectives:              
                                                                            
(i)  maximize total returns for holders of Units ("Unitholders") on a tax-  
     advantaged basis;                                                      
                                                                            
(ii) provide Unitholders with attractive, quarterly, tax-advantaged         
     distributions, currently targeted to be $0.70 per annum; and           
                                                                            
(ii) preserve capital.                                                      



The Fund is managed by OCP, the exclusive credit investing platform of Onex
Corporation ("Onex") (TSX:OCX), one of North America's oldest and most
successful investment firms.


OCP generally selects investments for the Portfolio that meet the following
criteria: (i) high levels of asset and/or cash flow coverage; (ii) attractive
total return potential through a combination of current income and capital
appreciation; and (iii) an anticipated company-specific event that OCP believes
will trigger an increase in the value of the investment. To manage risk and
volatility, the strategy is based on a diversified portfolio and employs no
financial leverage.


The Fund pursues substantially the same strategy as certain other institutional
funds managed by OCP, in which Onex, its affiliates and their principals and
employees have invested approximately US$87 million.


The syndicate of agents for the Offering is co-led by RBC Capital Markets. and
CIBC and includes BMO Capital Markets, National Bank Financial Inc., Scotia
Capital Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp.,
HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Raymond
James Ltd., Research Capital Corp., Wellington West Capital Markets Inc. and
Rothenberg Capital Management. 


A preliminary short form prospectus containing important information relating to
the Units has been filed with securities commissions or similar authorities in
all provinces of Canada. The preliminary short form prospectus is still subject
to completion or amendment. Copies of the preliminary short form prospectus may
be obtained from your registered financial advisor. 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. 


The securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.


Certain statements included herein constitute forward-looking statements,
including, but not limited to, those identified by the expressions "expect",
"intend", "will" and similar expressions to the extent they relate to the Fund.
The forward-looking statements are not historical facts but reflect OCP's
current expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current expectations.
Although OCP believes that the assumptions inherent in the forward looking
statements are reasonable, forward-looking statements are not guarantees of
future performance and, accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein. OCP
undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new information,
future events or other factors which affect this information, except as required
by law.