Neuberger Berman Closed-End Funds Announce Results of Measurement Periods under Tender Offer Programs
November 12 2010 - 9:00AM
Business Wire
Today Neuberger Berman California Intermediate Municipal Fund
Inc. (NYSEAmex: NBW), Neuberger Berman High Yield Strategies Fund
Inc. (NYSEAmex: NHS), Neuberger Berman Intermediate Municipal Fund
Inc. (NYSEAmex: NBH), Neuberger Berman New York Intermediate
Municipal Fund Inc. (NYSEAmex: NBO) and Neuberger Berman Real
Estate Securities Income Fund Inc. (NYSEAmex: NRO) (each, a “Fund”
and collectively, the “Funds”) each announced the results of its
respective measurement period under each Fund’s previously
announced tender offer program (each, a “tender offer
program”).
The terms of each tender offer program provide that should a
Fund’s common stock trade at an average daily discount to net asset
value per share (“NAV”) of greater than 10% during a 12-week
measurement period, the Fund would 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.
For the 12-week measurement period ended November 10, 2010 (the
“Measurement Period”), each of NHS, NBH, NBO and NBW traded at an
average daily discount to NAV of less than 10% and therefore in
accordance with each Fund’s respective tender offer program will
not conduct a tender offer. NRO, however, traded at an average
daily discount to NAV of greater than 10% for the Measurement
Period and therefore will conduct a tender offer in accordance with
the terms of its tender offer program. NRO traded at an average
daily discount to NAV of 10.30% for the Measurement Period.
The size and timing of NRO’s tender offer will be announced as
soon as practicable. Additional terms and conditions of NRO’s
tender offer will be set forth in its offering materials, which
will be distributed to its common stockholders. Should the number
of shares of common stock tendered and not withdrawn exceed the
maximum size of NRO’s offer, it will purchase stock from tendering
common stockholders on a pro rata basis. Accordingly, common
stockholders cannot be assured that NRO will purchase all of their
tendered common stock.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell stock of any Fund. NRO has
not yet commenced the tender offer 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. Common stockholders
should read the offer to purchase and tender offer statement on
Schedule TO and related exhibits when those documents are filed and
become available, as they will contain important information about
the tender offer. NRO will also make available without charge an
offer to purchase and letter of transmittal.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s leading
private, independent, employee-controlled asset management
companies. As of September 30, 2010, assets under management were
approximately $180 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
manager 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.
Neuberger Berman High Yi... (AMEX:NHS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Neuberger Berman High Yi... (AMEX:NHS)
Historical Stock Chart
From Jul 2023 to Jul 2024