Neuberger Berman Real Estate Securities Income Fund Announces Amendment To Leverage Facility

Rhea-AI Summary

On November 19, 2021, Neuberger Berman Real Estate Securities Income Fund (NYSE American: NRO) announced an amendment to its leverage facility. The total commitment under the revolving credit facility has increased from $40 million to $70 million, aligning with the Fund's current asset level. Additionally, the Fund maintains a $30 million fixed-rate term loan, due September 2024.

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• Increased revolving credit facility commitment from $40 million to $70 million, enhancing financial flexibility.

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• None.

NEW YORK, Nov. 19, 2021 /PRNewswire/ -- Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE American: NRO) (the "Fund") announced today that it has amended its leverage facility (the "Facility") to, among other things, increase the amount of available debt financing in order to bring it more in line with the Fund's current asset level. Under the amended terms of the Facility, the lender's total commitment under the revolving credit facility increased from $40 million to $70 million. In addition to the revolving credit facility, the Fund continues to have outstanding a $30 million five-year, fixed-rate term loan, due September 2024.     

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 seven 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 recent leverage facility amendment for NRO?

Neuberger Berman Real Estate Securities Income Fund amended its leverage facility to raise the revolving credit facility commitment from $40 million to $70 million.

When was the leverage facility amendment for NRO announced?

The leverage facility amendment for Neuberger Berman Real Estate Securities Income Fund was announced on November 19, 2021.

What is the current total debt financing for NRO?

Following the amendment, Neuberger Berman Real Estate Securities Income Fund now has a total debt financing of $100 million, including a $70 million revolving credit facility and a $30 million fixed-rate term loan.