C Share Update

RNS Number : 1485E

NB Global Floating Rate Income Fund

08 May 2013

 



NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

NB Global Floating Rate Income Fund

Limited C Share Update

The board of directors of NB Global Floating Rate Income Fund Limited (the "Company") today announces an update in relation to the Company's investment of the £363 million of proceeds from the issue of C Shares on March 21, 2013.

As at April 30, 2013, the Company had invested approximately 92% of the net proceeds of the C Share issue and will reach full investment shortly, significantly in advance of the three month target outlined in the C Share Prospectus dated 19 February 2013 (the "Prospectus"). Market conditions have meant that issuance has been robust and the Investment Manager has built the portfolio around a mix of primary and secondary opportunities.

The C Share Portfolio has therefore satisfied the percentage investment condition set out in the Prospectus, and the Company expects that the conversion of the C Shares to ordinary shares ("Conversion") will take place shortly after the next quarterly dividend is announced in early July. Conversion will be calculated on the basis of the relative Net Asset Value at the time post the distribution of the dividend attributable to each class of shares.  A further announcement in respect of Conversion will be made in due course.

The Company has invested in 121 companies across 30 industries. The currency breakdown of these investments is 90.9% US Dollars, 6.4% Euros and 2.7% GBP (excluding cash), as at April 30, 2013.

Source: BNP Paribas as at 30 April 2013.

-ENDS-

For further information please contact:

Neuberger Berman Europe Limited          [phone]

Anji Stewart

FTI Consulting                                              [phone]

Neil Doyle                   

Ed Berry

Laura Ewart

Background Information

The Company is a registered closed-ended investment company incorporated in Guernsey. The Company is managed by Neuberger Berman Europe Limited, which has delegated certain of its responsibilities and functions to the sub-investment manager, Neuberger Berman Fixed Income LLC, both of which are indirect wholly owned subsidiaries of Neuberger Berman Group LLC. The Company's investment objective is to provide its shareholders with regular dividends, at levels that are sustainable, whilst growing the capital value of its investment portfolio over the long term. To pursue its investment objective, the Company will invest mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling, and Euros by North American and European Union corporations, partnerships and other business issuers.

Established in 1939, Neuberger Berman is one of the world's leading private, independent employee-controlled asset management firms, managing approximately $205 billion in assets as of December 31, 2012. Neuberger Berman provides a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, funds and alternative investment products. 

This document is intended only for the person to whom it has been delivered. No part of this document may be reproduced in any manner without the written permission of NB Global Floating Rate Income Fund Limited ("NBGFRIF"). The securities described in this document may not be eligible for sale in some states or countries and it may not be suitable for all types of investors. Securities in the fund may not be offered or sold directly or indirectly into the United States or to U.S. Persons. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The price of investments may fall as well as rise and investors may not get back the full amount invested. The target yield should not be taken as an indication of the Fund's expected future performance or results. The target yield is a target only and there is no guarantee that it can or will be achieved and it should not be seen as an indication of the Fund's actual or expected return. Statements contained herein, including without limitation, statements regarding the credit markets, are based on current expectations, estimates, projections, opinions and/or beliefs of the managers. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Such statements are necessarily speculative in nature, as they are based on certain assumptions. It can be expected that some or all of the assumptions underlying such statements will not reflect actual conditions. Accordingly, there can be no assurance that any projections, forecast or estimates will be realized. This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the securities described herein. This document was prepared using the financial information available to NBGFRIF as at the date of this document. This information is believed to be accurate but has not been audited by a third party. This document describes past performance, which may not be indicative of future results. NBGFRIF does not accept any liability for actions taken on the basis of the information provided in this document.

Neuberger Berman is a registered trademark.

© 2013 Neuberger Berman.

 

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