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Share Name | Share Symbol | Market | Type |
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Neuberger Berman High Yield Strategies Fund | AMEX:NHS | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.97 | 0 | 01:00:00 |
Neuberger Berman Investment Advisers LLC
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1290 Avenue of the Americas
New York, NY 10104
Tel. 212.476.9000
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The Offer provides the Fund with new proceeds to capitalize on attractive investment opportunities within non-investment-grade credit, potentially enhancing the long-term returns of the
Fund
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The Offer provides common stockholders an opportunity to buy Common Stock below market price or realize value from the sale of Rights
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Anticipated positive impact to total expense ratio by spreading fixed costs over a larger asset base
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Potential for increased trading volume and liquidity of NHS Common Stock
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Holders of Common Stock on the Record Date (“Record Date Stockholders”) will receive one Right for each outstanding share of Common Stock owned on the Record Date. The Rights entitle the
holders to purchase one new share of Common Stock for every three Rights held (1-for-3); however, any Record Date Stockholder who owns fewer than three shares of Common Stock as of the Record Date will be entitled to subscribe for one share
of Common Stock. Fractional shares of Common Stock will not be issued.
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The subscription price per share of Common Stock (the “Subscription Price”) will be determined by the Fund on the expiration date of the Offer, which is currently expected to be June 21,
2023, unless extended by the Fund (the “Expiration Date”). The Subscription Price will be equal to 92.5% of the average of the last reported sales price of a share of Common Stock of the Fund on the NYSE American on the Expiration Date and
each of the four (4) immediately preceding trading days (the “Formula Price”). If, however, the Formula Price is less than 89% of the Fund’s net asset value (“NAV”) per share of Common Stock at the close of trading on the NYSE American on the
Expiration Date, the Subscription Price will be 89% of the Fund’s NAV per share of Common Stock at the close of trading on the NYSE American on that day.
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Record Date Stockholders who fully exercise all Rights issued to them can subscribe, subject to certain limitations and allotment, for any additional shares of Common Stock that were not
subscribed for by other holders of Rights at the Subscription Price. Investors who are not Record Date Stockholders but who otherwise acquire Rights, including in the secondary market, are not entitled to subscribe for any additional shares
of Common Stock. If sufficient shares of Common Stock are available, all Record Date Stockholders’ over-subscription requests will be honored in full. If these requests exceed available shares of Common Stock, they will be allocated pro rata
among those fully exercising Record Date Stockholders who over-subscribe based on the number of Rights originally issued to them by the Fund.
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Rights are transferable and are expected to be admitted for trading on the NYSE American under the symbol “NHS RT” during the course of the Offer. The last day Rights will trade will be
one business day before the Offer’s Expiration Date (June 20, 2023, unless extended). During the course of the Offer, Record Date Stockholders may choose to sell their Rights.
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1 Year Neuberger Berman High Yi... Chart |
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