Onex Credit Partners Completes Follow-on Offering and Announces Quarterly Distribution for OCP Credit Strategy Fund (TSX: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") has completed its follow-on offering of 8,600,000
treasury units at $10.12 per unit, for gross proceeds of $87,032,000. Following
completion of the offering, the Fund has a total of 29,174,375 units
outstanding. The Fund has granted the agents an over-allotment option, under
which the agents may acquire up to an additional 1.29 million units at a price
of $10.12 per unit exercisable at any time during the next thirty days.


The Fund also announced a distribution of $0.175 per Unit for the quarter ending
June 30, 2011. The distribution will be paid on or before July 15, 2011 to
holders of record on June 30, 2011. 


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          
                                                                            
iii.  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.


The syndicate of agents for the Offering was co-led by RBC Capital Markets. and
CIBC World Markets Inc. and included 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., Mackie Research Capital Corp.,
Wellington West Capital Markets Inc. and Rothenberg Capital Management.


This offering is only made by prospectus. The prospectus dated June 14, 2011
contains important detailed information about the securities being offered.
Investors should obtain a prospectus from one of the Agents and read it
carefully before making an investment decision. This investment may not be
suitable for all investors. Commissions, trailing commissions, management fees
and expenses all may be associated with this investment. An investment in the
Fund is not guaranteed, its value changes frequently and past performance may
not be repeated. 


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. 


For further information, please visit www.ocpcreditstrategy.com.