Neuberger Berman Income Opportunity Fund and Neuberger Berman High Yield Strategies Fund Complete Reorganization
August 09 2010 - 9:32AM
Business Wire
After the close of business on Friday, August 6, 2010, Neuberger
Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) and Neuberger
Berman High Yield Strategies Fund (NYSE: NHS) (each a “Fund”)
completed their reorganization into a newly formed fund, Neuberger
Berman High Yield Strategies Fund Inc. (the “New Fund”).
NOX common stockholders received a number of New Fund shares
based on the relative net asset values per share of NOX and NHS on
Thursday, August 5, 2010. Thursday’s NAV for NOX was $7.5768 and
for NHS was $13.1247. This generated a conversion ratio that
resulted in former NOX common stockholders receiving 0.577293
shares of New Fund common stock for each share of NOX common stock
they previously held. NOX common stockholders generally will
receive cash payments in lieu of fractional shares. NHS common
shareholders received the same number of New Fund shares as the NHS
shares they held immediately prior to the reorganization.
Additionally, holders of NHS preferred shares and NOX preferred
stock received the same number of shares of New Fund preferred
stock as the shares they held immediately prior to the
reorganization.
New Fund’s common stock is listed on the NYSE Amex under the
ticker symbol NHS. The CUSIP number for New Fund’s common stock is
64128C106, which is the same CUSIP number as NHS’s common shares
prior to the reorganization.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s leading
private, 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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