NEW YORK, Oct. 19, 2020 /PRNewswire/ -- Neuberger Berman
High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund")
announced today that (subject to certain conditions) it will
conduct a tender offer for up to 25% of its outstanding shares of
common stock (the "Shares") at a price per Share equal to 96% of
its net asset value per Share as of the expiration date of the
tender offer. The Fund will announce the commencement of the
tender offer at a later date. The Fund currently expects to
purchase Shares tendered and accepted in the tender offer prior to
December 31, 2020. In the event
the tender offer is oversubscribed, Shares will be repurchased on a
pro rata basis.
Neuberger Berman Investment Advisers LLC ("NBIA"), the Fund's
investment manager, recommended the tender offer after entering
into an agreement with Saba Capital Management, L.P. ("Saba") (the
"Agreement"). Pursuant to the Agreement, Saba has agreed to
terminate its pending proxy solicitation for the Fund's 2020 Annual
Meeting of Stockholders, including withdrawing its director
nominations and stockholder proposals. During the effective
period of the Agreement, Saba has agreed to comply with certain
standstill covenants and vote its Shares in accordance with the
recommendations of the Fund's Board of Directors.
Tender Offer Statement
The Fund has not commenced the tender offer described in this
press release. This announcement is not a recommendation, an
offer to purchase or a solicitation of an offer to sell Shares of
the Fund and the above statements are not intended to constitute an
offer to participate in any tender offer. Information about the
tender offer, including its commencement, will be provided by
future public announcements. Stockholders will be notified in
accordance with the requirements of the Securities Exchange Act of
1934, as amended, and the Investment Company Act of 1940, as
amended, either by publication or mailing or both. The tender
offer will be made only by an offer to purchase, a related letter
of transmittal, and other documents to be filed with the SEC.
Stockholders of the Fund should read the offer to purchase and
tender offer statement and related exhibits when those documents
are filed and become available, as they will contain important
information about the tender offer. These and other filed
documents will be available to investors for free both at the
website of the SEC and from the Fund.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 24 countries, Neuberger Berman's diverse team has
over 2,300 professionals. For six consecutive years, the company
has been named first or second in Pensions & Investments Best
Places to Work in Money Management survey (among those with 1,000
employees or more). In 2020, the PRI named Neuberger Berman a
Leader, a designation awarded to fewer than 1% of investment firms
for excellence in Environmental, Social and Governance (ESG)
practices. The PRI also awarded Neuberger Berman an A+ in every
eligible category for our approach to ESG integration across asset
classes. The firm manages $374
billion in client assets as of September 30, 2020. 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. Such risks and uncertainties
include, without limitation, the adverse effect from a decline in
the securities markets or a decline in the Fund's performance, a
general downturn in the economy, competition from other closed end
investment companies, changes in government policy or regulation,
inability of the Fund's investment adviser to attract or retain key
employees, inability of the Fund to implement its investment
strategy, inability of the Fund to manage rapid expansion and
unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
Investor
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
Media Contact:
Alexander
Samuelson
Neuberger Berman
(212) 476-5392
Alexander.Samuelson@nb.com
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SOURCE Neuberger Berman