Neuberger Berman Closed-End Funds Announce Results of Initial Measurement Periods Under Tender Offer Programs
01 September 2009 - 10:48PM
Business Wire
Neuberger Berman California Intermediate Municipal Fund Inc.
(NYSEAmex: NBW), Neuberger Berman Dividend Advantage Fund Inc.
(NYSEAmex: NDD), Neuberger Berman High Yield Strategies Fund (NYSE:
NHS), Neuberger Berman Income Opportunity Fund Inc. (NYSEAmex:
NOX), 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 today the results of its initial
measurement period under its previously announced tender offer
program (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
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 August 28, 2009 (the
“Measurement Period”), each of NBH, NBO, NDD and NHS traded at an
average daily discount to NAV of less than 10% and, therefore, in
accordance with its tender offer program, will not conduct a tender
offer. Each of NBW, NOX and 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.
Accordingly, each of NBW, NOX and NRO also announce that it
currently expects its tender offer to commence on September 18,
2009 and expire on October 18, 2009, unless extended. NRO’s Board
of Directors has determined that it will conduct a tender offer for
up to 5% of its outstanding common stock at a price equal to 98% of
the Fund’s NAV as determined on the day its tender offer expires.
As previously announced, each of NBW and NOX will conduct a tender
offer for up to 10% of its outstanding common stock at a price
equal to 98% of its NAV determined on the day the tender offer
expires.
Additional terms and conditions of the tender offers will be set
forth in the applicable Funds’ offering materials, which will be
distributed to stockholders. If more common stock is tendered, and
not withdrawn, than the maximum size of a Fund’s offer, that Fund
will purchase stock from tendering stockholders on a pro rata
basis. Accordingly, stockholders cannot be assured that an
applicable Fund 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. The
applicable Funds have not yet 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. Common Stockholders should read the relevant
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 offers. The applicable Funds will also make available,
without charge, the applicable offer to purchase and letter of
transmittal.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s largest
private, independent, employee-controlled asset management
companies. As of June 30, 2009, assets under management were
approximately $158 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 though 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.
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