NEW YORK, Oct. 15, 2019 /PRNewswire/ -- Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE American: NRO) (the "Fund") announced today that it has successfully refinanced its debt leverage by entering into a new credit facility with a major unaffiliated lending institution. The Fund used the new credit facility to repay the outstanding borrowings under its prior credit facility. In connection with the new credit facility, the amount of leverage employed by the Fund has not changed.
The Fund's new credit facility should provide increased stability to the Fund's overall cost of leverage and meaningfully reduce the interest rates paid on the fixed-rate, term portion of the financing utilized by the Fund. As part of the Fund's refinancing of its leverage, the Fund secured two fixed rate term loans, each for $30 million. One a three-year term paying an annualized interest rate of 2.72% and the other a five-year term paying an annualized interest rate of 2.96%.
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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman's team is more than 2,100 professionals. For five 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). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $339 billion in client assets as of September 30, 2019. 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.
Neuberger Berman Investment Advisers LLC
View original content to download multimedia:http://www.prnewswire.com/news-releases/neuberger-berman-real-estate-securities-income-fund-announces-leverage-refinancing-300939125.html