Neuberger Berman High Yield Strategies Fund Announces Commencement Of Tender Offer

Rhea-AI Summary

Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) announced a tender offer to purchase up to 25% of its outstanding common stock for cash at 96% of its net asset value, effective December 10, 2020. The tender offer will expire at 5:00 p.m. NY time on the same day unless extended. If valid tenders exceed 25%, purchases will be made on a pro rata basis. Stockholders are advised to review detailed tender offer materials filed with the SEC for important information.

Positive

• Tender offer to purchase up to 25% of outstanding shares may support stock price.
• Purchase price set at 96% of net asset value could provide liquidity for shareholders.

Negative

• If more than 25% of shares are tendered, purchases will be on a pro rata basis, not guaranteeing full buyback.
• Market conditions may adversely affect the Fund's performance and investor returns.

NEW YORK, Nov. 10, 2020 /PRNewswire/ -- Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") announced that it commenced a tender offer today.  As previously announced, the Fund will purchase up to 25% of its outstanding shares of common stock for cash at a price equal to 96% of its net asset value per share determined on December 10, 2020, or such later date to which the tender offer is extended.  The tender offer will expire on December 10, 2020, at 5:00 p.m., New York City time, unless the offer is extended.

Additional terms and conditions of the tender offer are set forth in the Fund's tender offer materials, which are being distributed to the Fund's common stockholders.  If more than 25% of the Fund's outstanding common stock is validly tendered, and not withdrawn, the Fund will purchase common stock from tendering stockholders on a pro rata basis.  Accordingly, common stockholders cannot be assured that the Fund will purchase all of their tendered common stock.

Tender Offer Statement

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell stock of the Fund and the above statements are not intended to constitute an offer to participate in any tender offer.  The tender offer will be made only by an offer to purchase, a related letter of transmittal, and other documents filed with the Securities and Exchange Commission ("SEC").  Stockholders of the Fund should read the offer to purchase and tender offer statement and related exhibits, as they will contain important information about the tender offer.  These and other filed documents will be available to investors for free both on the website of the SEC at www.sec.gov and from the Fund, by calling AST Fund Solutions, LLC, the Fund's information agent for the tender offer, at (877) 478-5039 (toll free).

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 24 countries, Neuberger Berman's diverse team has over 2,300 professionals. For six 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 $374 billion in client assets as of September 30, 2020. 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.

Investor Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

Media Contact:
Alexander Samuelson
Neuberger Berman
(212) 476-5392
Alexander.Samuelson@nb.com

 

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SOURCE Neuberger Berman

FAQ

What is the tender offer by Neuberger Berman High Yield Strategies Fund (NHS)?

The tender offer involves purchasing up to 25% of its outstanding common stock at 96% of its net asset value, set to expire on December 10, 2020.

When does the Neuberger Berman NHS tender offer expire?

The tender offer will expire on December 10, 2020, at 5:00 p.m. New York City time.

What happens if more than 25% of NHS shares are tendered?

If over 25% of shares are tendered, the Fund will purchase shares on a pro rata basis, meaning not all shares may be bought back.

Where can I find more information about the NHS tender offer?

More information can be found in the tender offer materials filed with the SEC, available at www.sec.gov.

What is the price for the NHS tender offer?

The tender offer price is set at 96% of the net asset value of the shares as determined on the expiration date.