Neuberger Berman Closed-End Funds Announce Tender Offer Program Measurement Periods
August 18 2010 - 9:15AM
Business Wire
Neuberger Berman California Intermediate Municipal Fund Inc.
(NYSE Amex: NBW), Neuberger Berman High Yield Strategies Fund Inc.
(NYSE Amex: NHS), Neuberger Berman Intermediate Municipal Fund Inc.
(NYSE Amex: NBH), Neuberger Berman New York Intermediate Municipal
Fund Inc. (NYSE Amex: NBO) and Neuberger Berman Real Estate
Securities Income Fund Inc. (NYSE Amex: NRO) (each, a “Fund” and
collectively, the “Funds”) have announced the next measurement
periods in accordance with the terms of their respective tender
offer programs (each, a “tender offer program”). Under each tender
offer program, if a Fund’s common stock trades at an average daily
discount to net asset value per share (“NAV”) of greater than 10%
during a 12-week measurement period, the Fund will conduct a tender
offer for between 5% and 20% of its outstanding common stock at a
price equal to 98% of its NAV determined on the day the tender
offer expires. Each Fund has determined that its next measurement
period shall commence on August 18, 2010 and end on November 10,
2010 (the “Measurement Period”).
Each Fund’s Board of Directors will determine the maximum size
of its tender offer should its common stock trade at an average
daily discount to NAV of greater than 10% during the Measurement
Period. In making that determination, each Fund’s Board will
consider, among other things, the then-current market conditions
and outlook for the Fund’s portfolio securities, sectors and asset
classes, the size of the average daily discount, the potential
impact of different size tender offers on the Fund’s expense ratio,
the potential tax consequences of the tender offer on the Fund and
non-tendering stockholders, stockholders’ potential need for added
liquidity and the potential overall impact on the Fund. Each Board
retains the ability, consistent with its fiduciary duty, to opt out
of the respective tender offer program should circumstances arise
that would cause a material negative effect on the Fund or the
Fund’s stockholders.
While each of the Funds has determined to use the same dates for
its Measurement Period, the dates of future measurement periods
under the tender offer programs may, or may not, differ among the
Funds.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of any Fund. The Funds
have not commenced the tender offers described in this release. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal and other documents which will be filed with
the Securities and Exchange Commission as exhibits to a tender
offer statement on Schedule TO and will be available free of charge
at the SEC’s website at http://www.sec.gov and from the Funds.
Stockholders of each Fund should read the relevant offer to
purchase and tender offer statement on Schedule TO and related
exhibits for any tender offer when those documents are filed and
become available, as they will contain important information about
the tender offer.
Neuberger Berman Group LLC is one of the world’s leading
independent, employee-controlled asset management companies. As of
June 30, 2010, assets under management were approximately $169
billion. Established in 1939, Neuberger Berman is a leader in a
broad range of global investment solutions – equity, fixed income,
and alternatives – to institutions and individuals through
customized separately managed accounts, mutual funds and
alternative investment products. For more information please visit
our website at www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in a Fund’s performance, a general downturn in the economy,
competition from other closed-end investment companies, changes in
government policy or regulation, inability of a Fund’s investment
adviser to attract or retain key employees, inability of a Fund to
implement its investment strategy, inability of a Fund to manage
rapid expansion and unforeseen costs and other effects related to
legal proceedings or investigations of governmental and
self-regulatory organizations.
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