NEUBERGER BERMAN CLOSED-END MUNICIPAL FUNDS ANNOUNCE COMPLETION OF REORGANIZATIONS
- NBH acquired the assets and liabilities of NBO and NBW in tax-free transactions
- Common stockholders of NBO and NBW received NBH common stock equal to the net asset value of their holdings
- NBO and NBW preferred stockholders received NBH preferred stock on a one-for-one basis
- None.
In the reorganizations, NBH acquired the assets and liabilities of each of NBO and NBW in tax-free transactions, and common stockholders of NBO and NBW received an amount of NBH common stock equal to the aggregate net asset value of their holdings of NBO and NBW common stock as determined at the close of business on October 20, 2023. Fractional shares of NBH common stock were not issued in the reorganizations and consequently cash will be distributed for any such fractional shares.
Relevant details pertaining to the reorganizations are as follows:
Fund | Ticker | Net Asset | Share |
Neuberger Berman Municipal | NBH | 10.7359 | - |
Neuberger Berman California Municipal | NBW | 11.4944 | 1.070651 |
Neuberger Berman New York Municipal | NBO | 10.2164 | 0.951611 |
In addition, NBO and NBW preferred stockholders received on a one-for-one basis NBH preferred stock in an amount equal to the aggregate preferred stock liquidation preference held by NBO and NBW preferred stockholders immediately prior to the reorganizations.
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the Neuberger Berman funds, including NBH, the surviving fund in the reorganizations. Investors should consider NBH's investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about NBH.
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. Neuberger Berman's investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than
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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FAQ
What reorganizations were completed by Neuberger Berman?
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What did common stockholders of NBO and NBW receive?
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