Onex Credit Partners Completes Initial Public Offering of OCP Senior Credit Fund

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 Senior Credit
Fund (TSX:OSL.UN) (the "Fund") has completed an initial public offering of
32,000,000 units at $10 per unit, for gross proceeds of $320,000,000. This
includes a partial exercise by the agents of the over-allotment option granted
to them by the Fund. Under this option, the agents may acquire an additional 2.5
million units at a price of $10 per unit exercisable at any time during the next
thirty days. The units are listed on the Toronto Stock Exchange under the symbol
OSL.UN.


The Fund will seek to achieve the following objectives: (i) provide holders of
units with attractive, quarterly, tax-advantaged distributions, initially
targeted to be $0.125 per quarter representing an annual yield of 5% based on
the original issue price of $10 per unit; (ii) preserve capital; and (iii)
generate enhanced returns through increasing cash flow to the portfolio as
interest rates rise. It is expected that quarterly distributions received by
unitholders will consist primarily of returns of capital for tax purposes. The
initial cash distribution is anticipated to be payable on April 15, 2011 to
unitholders of record on March 31, 2011 and will include a pro rated amount for
the period from November 19, 2010 to December 31, 2010.


The Fund will be managed by OCP, the exclusive credit investing platform of Onex
Corporation (TSX:OCX), a leading Canadian investment firm with a long
established track record and a disciplined, value-oriented approach to
investing. 


The syndicate of agents for the offering was co-led by CIBC World Markets Inc.
and RBC Capital Markets, and included BMO Capital Markets, Scotia Capital Inc.,
National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation,
GMP Securities L.P., Canaccord Adams, HSBC Securities (Canada) Inc., Macquarie
Private Wealth Inc., Raymond James Ltd., Wellington West Capital Markets Inc.,
Desjardins Securities Inc., Manulife Securities Incorporated and Mackie Research
Capital Corporation (the "Agents").


This offering is only made by prospectus. The prospectus dated October 25, 2010
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.


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.