Onex Credit Partners fund eyes C$300 mln IPO

* Original issue price of C$10 per unit

* Targets quarterly distributions of C$0.125 per unit

TORONTO Oct 27 (Reuters) - Onex Corp (OCX.TO), one of Canada's leading private equity firms, said on Wednesday it expected to raise up to C$300 million ($292 million) with the initial public offering of its high-yield debt fund, known as the OCP Senior Credit Fund.

Onex Credit Partners, Onex's credit investing platform, said the offering was scheduled to close on Nov. 19.

The offering is being handled by a syndicate co-led by CIBC World Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital, National Bank Financial, TD Securities, Dundee Securities, GMP Securities, Canaccord Adams, HSBC Securities (Canada), Macquarie Private Wealth, Raymond James, Wellington West Capital Markets, Desjardins Securities, Manulife Securities, and Mackie Research Capital Corp.

The fund aims to provide holders with quarterly distributions initially targeted at C$0.125 per quarter, representing an annual yield of 5 percent on the original issue price of C$10 per Unit, OCP said upon filing the final prospectus for the OCP Senior Credit Fund.

Onex was formed about 25 years ago, and went public in 1987 as it became Canada's biggest and best-known leveraged buyout firm. It has bought distressed companies in industries as diverse as electronics manufacturing, health care, movie theaters and cosmetics.

($1=$1.03 Canadian) (Reporting by Pav Jordan; editing by Rob Wilson)