NEW YORK, March 31, 2017 /PRNewswire/ -- Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE MKT: NRO) (the "Fund") announced today that the Fund has filed with the Securities and Exchange Commission a notice of intention to redeem all of its issued and outstanding Mandatory Redeemable Preferred Shares (the "Preferred Stock"). The Preferred Stock was privately placed with institutional investors pursuant to an offering exempt from registration under the Securities Act of 1933 in September 2012.
The redemption price will be the $25,000 liquidation value per share of Preferred Stock, plus any accumulated but unpaid distributions. The Fund currently expects to finance the Preferred Stock redemption with borrowings under the Fund's credit facility and does not expect the redemption of the Preferred Stock and related borrowings to have a material impact on the amount of leverage employed by the Fund. Please see redemption details for the Preferred Stock below:
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The Fund is a diversified, closed-end management investment company that invests primarily in securities issued by real estate companies, including real estate investment trusts (REITs). The Fund's primary investment objective is high current income with capital appreciation as a secondary investment objective. The Fund's investment strategy seeks to develop a portfolio with a broad mix of real estate securities through superior stock selection and property sector allocation.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for four consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of December 31, 2016. 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 manager 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.
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