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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.63% | 8.01 | 8.00 | 7.96 | 7.96 | 82,669 | 21:15:07 |
NEW YORK, April 7, 2022 /PRNewswire/ -- Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") announced today approval of the terms of the issuance of transferable rights ("Rights") to the holders of the Fund's common stock (par value $0.0001 per share) ("Common Stock"), as of the record date, April 19, 2022 (the "Record Date"). Holders of these Rights will be entitled to subscribe for additional shares of Common Stock (the "Offer") at a discount to market price.
After considering a number of factors, including potential benefits and costs, it was determined that it is in the best interests of both the Fund and its stockholders to conduct the Offer and increase the assets of the Fund available to take advantage of investment opportunities, consistent with the Fund's investment objective to seek high total return (income plus capital appreciation).
The Fund's investment adviser, Neuberger Berman Investment Advisers LLC, believes this is an attractive time to raise additional assets for the Fund based on several factors, including the following potential benefits:
The Fund expects to maintain its current distribution level following the Offer. Additionally, the Fund has declared a regular monthly distribution payable on April 29, 2022, with a record date of April 18, 2022, and a regular monthly distribution payable on May 31, 2022, with a record date of May 4, 2022, neither of which will be payable with respect to Common Stock that is issued pursuant to the Offer as such issuance will occur after these record dates. Common Stock issued pursuant to the Offer will be entitled to receive the monthly distribution expected to be payable in June.
Certain key terms of the Offer include:
The Offer will be made only by means of a prospectus supplement and accompanying prospectus. The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus supplement and accompanying prospectus for the Offer to Record Date Stockholders shortly following the Record Date. Brokers, custodians or trust companies may send notices to common stockholders shortly thereafter. To exercise or sell their Rights, common stockholders who hold their Common Stock through a broker, custodian or trust company should contact such entity to forward their instructions to either exercise or sell their Rights on their behalf. Common stockholders who do not hold Common Stock through a broker, custodian, or trust company should forward their instructions to either exercise or sell their Rights by completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus supplement.
The information in this press release is not complete and is subject to change. This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The Fund's prospectus supplement and accompanying prospectus will contain this and additional information about the Fund and additional information about the Offer, and should be read carefully before investing. For further information regarding the Offer, or to obtain a prospectus supplement and the accompanying prospectus, when available, please contact the Fund's information agent:
Georgeson LLC
1290 Avenue of the Americas, 9th Floor
New York, NY 10104
1-866-647-8872
About Neuberger Berman High Yield Strategies Fund Inc. The Fund's investment objective is to seek high total return (income plus capital appreciation). Under normal market conditions, the Fund invests at least 80% of its total assets in high yield debt (below investment grade) securities of U.S. and foreign issuers, and up to 20% of its total assets in other securities and financial instruments.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,400 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $460 billion in client assets as of December 31, 2021. 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. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman
Copyright 2022 PR Newswire
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