NEUBERGER BERMAN CLOSED-END MUNICIPAL FUNDS ANNOUNCE PARTIAL REDEMPTION OF PREFERRED SHARES
On August 15, 2022, Neuberger Berman Municipal Fund (NYSE: NBH), Neuberger Berman California Municipal Fund (NYSE: NBW), and Neuberger Berman New York Municipal Fund (NYSE: NBO) announced a partial redemption of their Variable Rate Municipal Term Preferred Shares (VMTP Shares). The funds redeemed 47 VMTP Shares (NBH), 38 (NBW), and 43 (NBO) at a liquidation preference of $100,000 each, plus accrued distributions. Currently, 1,657 VMTP Shares remain in NBH, 512 in NBW, and 420 in NBO. The funds have not registered the VMTP Shares under the Securities Act, limiting their sale in the U.S.
- Successful partial redemption of VMTP Shares shows strong capital management.
- Redemption of 47 VMTP Shares for NBH, 38 for NBW, and 43 for NBO indicates proactive financial strategies.
- No negative aspects identified.
NEW YORK, Aug. 15, 2022 /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") each announced today that it has redeemed a portion of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). The redemption price for the VMTP Shares was the
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 2,500 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
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 is the recent news regarding Neuberger Berman Municipal Fund (NBH) on August 15, 2022?
How many VMTP Shares were redeemed by Neuberger Berman California Municipal Fund (NBW)?
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