NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND ANNOUNCES FINAL RESULTS OF RIGHTS OFFERING

Rhea-AI Summary

Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) announced the final results of its rights offering that expired on May 17, 2022. The final subscription price was set at $8.60, equal to 87% of the Fund's net asset value per share on the expiration date. A total of 4,763,981 shares will be issued, generating gross proceeds of approximately $40.9 million. Shares are expected to be issued by May 25, 2022. Investors will receive refunds for any excess payments made during the offering.

Positive

• Successful issuance of 4,763,981 shares.
• Gross proceeds of approximately $40.9 million will strengthen the Fund's capital.
• Subscription price at $8.60 reflects strong investor interest at 87% of net asset value.

Negative

• None.

NEW YORK, May 24, 2022 /PRNewswire/ -- Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") announced today the final results of its transferable rights offering (the "Offer"), which expired at 5:00 PM Eastern Time on May 17, 2022 (the "Expiration Date"). 

The final subscription price per share of common stock ("Common Stock") was $8.60, which was equal to 87% of the Fund's net asset value per share of Common Stock at the close of trading on the NYSE American on the Expiration Date. The Offer will result in the issuance of 4,763,981 shares of Common Stock.  The gross proceeds of the Offer are expected to be approximately $40.9 million.  The shares of Common Stock subscribed for are expected to be issued on or about May 25, 2022.  The Fund will return to subscribing investors the full amount of any excess payments.

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 contain this and additional information about the Fund and additional information about the Offer, and should be read carefully before investing.

Inquiries regarding the Offer should be directed to the Fund's Information Agent, Georgeson LLC, at 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 2,500 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 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 $447 billion in client assets as of March 31, 2022. 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

View original content to download multimedia:https://www.prnewswire.com/news-releases/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-rights-offering-301554465.html

SOURCE Neuberger Berman

FAQ

What was the final subscription price for NHS shares in the rights offering?

The final subscription price for NHS shares in the rights offering was $8.60.

How many shares were issued in the Neuberger Berman NHS rights offering?

A total of 4,763,981 shares of NHS were issued in the rights offering.

What were the gross proceeds from the NHS rights offering?

The gross proceeds from the NHS rights offering are approximately $40.9 million.

When can investors expect to receive their shares from the NHS rights offering?

Investors can expect to receive their shares from the NHS rights offering on or about May 25, 2022.