NEUBERGER BERMAN CLOSED-END MUNICIPAL FUNDS ANNOUNCE EXTENSION OF PREFERRED SHARES' TERM

Rhea-AI Summary

Neuberger Berman Municipal Fund Inc. (NYSE: NBH), California Municipal Fund Inc. (NYSE: NBW), and New York Municipal Fund Inc. (NYSE: NBO) have announced an extension of the term for their Variable Rate Municipal Term Preferred Shares (VMTP Shares) to December 15, 2024, previously set to mature on March 31, 2022. The Funds have not registered VMTP Shares under the Securities Act of 1933, and as such, they can only be sold under specific exemptions. Neuberger Berman, founded in 1939, manages approximately $437 billion in assets globally.

Positive

• Extension of VMTP Shares term to December 15, 2024 allows for continued funding.
• Company manages $437 billion in assets, indicating strong financial stability.

Negative

• VMTP Shares are unregistered, limiting their marketability.
• The potential for adverse effects from market declines or economic downturns as stated in the release.

NEW YORK, Dec. 17, 2021 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) (each a "Fund" and collectively, the "Funds") announced today that each Fund has extended the term of its existing Variable Rate Municipal Term Preferred Shares ("VMTP Shares") to December 15, 2024. Each Fund's VMTP Shares previously had a term redemption date of March 31, 2022.

The Funds have not registered any VMTP Shares under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Unless so registered, no VMTP Shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The holder of the VMTP Shares has a right to require the Funds to register the VMTP Shares under certain circumstances. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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 $437 billion in client assets as of September 30, 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

FAQ

What is the new term end date for NBH, NBO, and NBW's VMTP Shares?

The new term end date for the VMTP Shares is December 15, 2024.

How much does Neuberger Berman manage in assets as of September 30, 2021?

Neuberger Berman manages approximately $437 billion in assets.

What was the previous redemption date for VMTP Shares before the extension?

The previous redemption date for VMTP Shares was March 31, 2022.

Are VMTP Shares of NBH, NBO, and NBW registered under the Securities Act?

No, VMTP Shares have not been registered under the Securities Act of 1933.

What risks are associated with the investment funds mentioned in the press release?

Risks include market declines, economic downturns, and regulatory changes.