Neuberger Berman Closed-End Funds Announce Preliminary Results of Tender Offers
20 October 2009 - 12:19AM
Business Wire
Neuberger Berman California Intermediate Municipal Fund Inc.
(NYSEAmex: NBW), Neuberger Berman Income Opportunity Fund Inc.
(NYSEAmex: NOX) and Neuberger Berman Real Estate Securities Income
Fund Inc. (NYSEAmex: NRO) (each, a “Fund” and collectively, the
“Funds”) each announced today the preliminary results of its tender
offer. The tender offers, all of which expired at 5:00 p.m., New
York City time on Friday October 16, 2009 were oversubscribed. Due
to the fact that the number of shares tendered exceeded the number
of shares each Fund offered to purchase, each Fund will purchase
the maximum percentage of outstanding common shares it previously
announced (10% for each of NOX and NBW and 5% for NRO) on a
pro-rata basis in accordance with the number of shares duly
tendered by each shareholder and the terms of the Offer to
Purchase.
Based on preliminary information, the results of the tender
offers are provided in the table below. The Funds currently expect
that they will announce the final results of their tender offers on
Thursday, October 22, 2009, the day after the expiration of the
period for delivering shares tendered by guaranteed delivery.
Fund
Number of
Shares Tendered
Percentage of Outstanding Shares
Tendered
Shares Tendered Via Guaranteed
Delivery
NBW 1,422,984
23.25%
45,108 NOX 2,137,339
13.39%
62,384 NRO 3,827,666
5.59%
609,251
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s leading
independent, employee-controlled asset management companies. As of
September 30, 2009, assets under management were approximately $168
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
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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