NB Private Equity Partners Limited Nbpe Announces The Results Of The Significantly Oversubscribed Rollover Offer And Offer Fo...

 
TIDMNBPE 
 
 
   The information contained in this announcement is restricted and is not 
for publication, release or distribution in the United States of America, 
any member states of the European Economic Area (other than the 
Netherlands and the United Kingdom), Canada, Australia, Japan or South 
Africa. 
 
   14 September 2016 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company"), a 
closed-end private equity investment company, today announced a 
successful issuance (the "Issue") of 2022 Zero Dividend Preference 
Shares ("2022 ZDP Shares") at the low end of its Gross Redemption Yield 
("GRY") range and at the maximum offering size. 
 
   Summary 
 
 
   -- Issue of 50,000,000 new 2022 ZDP Shares at 100 pence each. 
 
   -- Gross Redemption Yield set at 4.00%. 
 
   -- Final Capital Entitlement of 126.74 pence per 2022 ZDP Share on the 
      repayment date of 30 September 2022. 
 
   -- The Issue was significantly over-subscribed at a GRY of 4.00% and 
      therefore elections and applications have been scaled back in line with 
      the policy set out in the Prospectus. 
 
   -- The Issue follows the refinancing of the Company's credit facility, with 
      a $150 million agreement put in place with JP Morgan Chase in June of 
      this year, and further positions NBPE with a strong long term capital 
      position and capacity for new investments. 
 
 
   Results 
 
   Further to the announcement on 24 August 2016 regarding the Issue of up 
to 50 million new 2022 ZDP Shares by way of a Rollover Offer of 2017 ZDP 
Shares into 2022 ZDP Shares, and an Offer for Subscription and the 
Initial Placing of 2022 ZDP Shares, the Board of the Company announces 
the successful issue of 50,000,000 2022 ZDP Shares with a Gross 
Redemption Yield of 4.00%. 
 
   The 2022 ZDP Shares issued pursuant to the Offer for Subscription to the 
Initial Placing have an issue price of 100 pence per 2022 ZDP Share. The 
final capital entitlement of the 2022 ZDP Shares issued (or arising) 
pursuant to the Issue is 126.74 pence per 2022 ZDP Share. 
 
   The Issue was oversubscribed at the lowest point in the range of 
possible GRYs. Rollover interest from NBPE's 2017 ZDP Shareholders was 
high, with approximately 85% of the 2022 Share Issue being allocated to 
such investors. Consequently, despite extremely high interest from new 
investors, and following the scaleback methodology detailed in the 
Prospectus published on 24 August 2016 ("the Prospectus"), only 
approximately 15% of the Issue was available and allocated to investors 
through the Offer for Subscription and Initial Placing. The GRY of 4.00% 
compares to the GRY at issuance of NBPE's 2017 ZDP Shares of 7.30% in 
late 2009. 
 
   The issue of 50,000,000 2022 ZDP Shares represents the maximum number of 
shares that were available under the Issue. Hence, as detailed in the 
Prospectus, there will be no Subsequent Placings. 
 
   The ISIN of the 2022 ZDP Shares is GG00BD0FRW63 and the SEDOL is 
BD0FRW6. The ticker symbol of the 2022 ZDP Shares is NBPP. 
 
   Applications have been made to the London Stock Exchange for 50,000,000 
2022 ZDP Shares to be admitted to trading on the Specialist Fund Segment 
("SFS") of the London Stock Exchange's Main Market. It is expected that 
such admissions will become effective and that dealings in the 2022 ZDP 
Shares will commence on or around 16 September 2016. 
 
   Following completion of the Rollover Offer, there will be 7,109,599 2017 
ZDP Shares remaining in issue. These 2017 ZDP Shares will continue to be 
entitled, subject to the Articles, to receive the existing 2017 ZDP 
Final Capital Entitlement of 169.73 pence per 2017 ZDP share which they 
hold on 31 May 2017. 
 
   Talmai Morgan, Chairman of NBPE commented: 
 
   "We are delighted that this Issue has received such strong support from 
both existing and new investors and we believe that this outcome 
highlights investors' confidence in NBPE and its portfolio. Following 
the refinancing of NBPE's credit facility in June, this was an important 
final step in the Company's refinancing process and provides it with a 
solid capital foundation for the next five years as well as significant 
capacity for new investments. We continue to see attractive investment 
opportunities and believe NBPE is well positioned to take full advantage 
of these as well as react to any changes in market conditions that may 
create additional opportunities." 
 
   This announcement contains inside information in relation to NBPE. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                                    +1 214 647 
9593 
 
 
 
 
Stifel Nicolaus Europe Limited 
 Neil Winward 
 Mark Bloomfield 
 Tom Yeadon                                    [phone] 
Heritage International Fund Managers Limited 
 Dwayne Mahrer 
 James Christie                                 [phone] 
 
 
   Neustria Partners                                               [phone] 
 
 
   Nick Henderson 
[e-mail] 
 
   Robert Bailhache                                                              [e-mail] 
 
 
   Charles Gorman 
[e-mail] 
 
   ABOUT NB PRIVATE EQUITY PARTNERS LIMITED 
 
   NBPE is a closed-end private equity investment company with class A 
ordinary shares admitted to trading on Euronext Amsterdam and the 
Specialist Fund Segment of the London Stock Exchange. NBPE has ZDP 
shares admitted to trading on the Specialist Fund Segment of the London 
Stock Exchange and the Daily Official List of The Channel Islands 
Securities Exchange Authority Limited and applications have been made 
for 2022 ZDP Shares to be admitted to trading on the Specialist Fund 
Segment of the Main Market of the London Stock Exchange. NBPE holds a 
diversified portfolio of direct income investments, equity investments 
and fund investments selected by the NB Alternatives group of Neuberger 
Berman, diversified across private equity asset class, geography, 
industry, vintage year, and sponsor. 
 
   ABOUT NEUBERGER BERMAN 
 
   Neuberger Berman, founded in 1939, is a private, independent, 
employee-owned investment manager. The firm manages equities, fixed 
income, private equity and hedge fund portfolios for institutions and 
advisors worldwide. With offices in 19 countries, Neuberger Berman's 
team is approximately 2,000 professionals and the company was named by 
Pensions & Investments as a Best Place to Work in Money Management for 
three consecutive years. Tenured, stable and long-term in focus, the 
firm fosters an investment culture of fundamental research and 
independent thinking. It manages $243 billion in client assets as of 
June 30, 2016. For more information, please visit our website at 
www.nb.com. 
 
   This announcement appears as a matter of record only and does not 
constitute an offer to sell or a solicitation of an offer to purchase 
any security. Recipients of this announcement who are considering 
acquiring 2022 ZDP Shares are reminded that any such acquisition must be 
made only on the basis of the information contained in the Prospectus 
which may be different from the information contained in this 
announcement. 
 
   NBPE is established as a closed-end investment company domiciled in 
Guernsey. NBPE has received the necessary consent of the Guernsey 
Financial Services Commission and the States of Guernsey Policy Council. 
NBPE is registered with the Dutch Authority for the Financial Markets as 
a collective investment scheme which may offer participations in The 
Netherlands pursuant to article 2:66 of the Financial Markets 
Supervision Act (Wet op het financial toezicht). All investments are 
subject to risk. Past performance is no guarantee of future returns. The 
value of investments may fluctuate. Results achieved in the past are no 
guarantee of future results. This document is not intended to constitute 
legal, tax or accounting advice or investment recommendations. 
Prospective investors are advised to seek expert legal, financial, tax 
and other professional advice before making any investment decision. 
Statements contained in this document that are not historical facts are 
based on current expectations, estimates, projections, opinions and 
beliefs of NBPE's investment manager. Such statements involve known and 
unknown risks, uncertainties and other factors, and undue reliance 
should not be placed thereon. Additionally, this document contains 
"forward-looking statements." Actual events or results or the actual 
performance of NBPE may differ materially from those reflected or 
contemplated in such targets or forward-looking statements. 
 
   This announcement may not be published, distributed or transmitted by 
any means or media, directly or indirectly, in whole or in part, in or 
into the United States.  This announcement does not constitute an offer 
to sell, or a solicitation of an offer to buy, securities in the United 
States.  The securities mentioned herein have not been, and will not be, 
registered under the U.S. Securities Act of 1933, as amended (the "US 
Securities Act") or with any securities regulatory authority of any 
state or other jurisdiction of the United States and will not be offered, 
sold, exercised, resold, transferred or delivered, directly or 
indirectly, in or into the United States or to, or for the account or 
benefit of, any US person (as defined under Regulation S under the US 
Securities Act).  The Company has not been, and will not be, registered 
under the U.S. Investment Company Act of 1940, as amended. 
 
   Neither this announcement nor any copy of it may be: (i) taken or 
transmitted into or distributed in any member state of the European 
Economic Area (other than the Netherlands and the United Kingdom), 
Canada, Australia or the Republic of South Africa or to any resident 
thereof, or (ii) taken or transmitted into or distributed in Japan or to 
any resident thereof. Any failure to comply with these restrictions may 
constitute a violation of the securities laws or the laws of any such 

jurisdiction. The distribution of this announcement in other 
jurisdictions may be restricted by law and the persons into whose 
possession this document comes should inform themselves about, and 
observe, any such restrictions. 
 
   Stifel Nicolaus Europe Limited, which is authorised and regulated by the 
Financial Conduct Authority in the United Kingdom, is acting only for 
the Company in connection with the matters described in this 
announcement and is not acting for or advising any other person, or 
treating any other person as its client, in relation thereto and will 
not be responsible for providing the regulatory protection afforded to 
clients of Stifel Nicolaus Europe Limited or advice to any other person 
in relation to the matters contained herein. Neither Stifel Nicolaus 
Europe Limited nor any of its directors, officers, employees, advisers 
or agents accepts any responsibility or liability whatsoever for, or 
makes any representation or warranty, express or implied, as to the 
truth, accuracy or completeness of, the information in this announcement 
(or whether any information has been omitted from the announcement) or 
any information relating to the Company, whether written, oral or in a 
visual or electronic format, and howsoever transmitted or made available 
or any loss howsoever arising from any use of this announcement or its 
contents or otherwise in connection with it. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: NB Private Equity Partners Limited via Globenewswire 
 
 
  http://www.nbprivateequitypartners.com 
 

(END) Dow Jones Newswires

September 14, 2016 02:00 ET (06:00 GMT)

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