NEW YORK, April 7, 2022 /PRNewswire/ — Neuberger Berman High Yield Strategies Fund Inc. NHS (the “Fund”) announced today approval of the terms of the issuance of transferable rights (“Rights”) to the holders of the Fund’s common stock (par value $0.0001 per share) (“Common Stock”), as of the record date, April 19, 2022 (the “Record Date”). Holders of these Rights will be entitled to subscribe for additional shares of Common Stock (the “Offer”) at a discount to market price.
After considering a number of factors, including potential benefits and costs, it was determined that it is in the best interests of both the Fund and its stockholders to conduct the Offer and increase the assets of the Fund available to take advantage of investment opportunities, consistent with the Fund’s investment objective to seek high total return (income plus capital appreciation).
The Fund’s investment adviser, Neuberger Berman Investment Advisers LLC, believes this is an attractive time to raise additional assets for the Fund based on several factors, including the following potential benefits:
- The Offer provides the Fund with new proceeds to capitalize on attractive investment opportunities within non-investment-grade credit, potentially enhancing the long-term returns of the Fund
- The Offer provides common stockholders an opportunity to buy Common Stock below market price or realize value from the sale of Rights
- Anticipated positive impact to total expense ratio by spreading fixed costs over a larger asset base
- Potential for increased trading volume and liquidity of NHS Common Stock
The Fund expects to maintain its current distribution level following the Offer. Additionally, the Fund has declared a regular monthly distribution payable on April 29, 2022, with a record date of April 18, 2022, and a regular monthly distribution payable on May 31, 2022, with a record date of May 4, 2022, neither of which will be payable with respect to Common Stock that is issued pursuant to the Offer as…
The post NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND ANNOUNCES RIGHTS OFFERING AND SUMMAR… – Press Release appeared first on CaymanMama.com.
from CaymanMama.com https://ift.tt/5JkgcBp
No comments:
Post a Comment