Portfolio Update

RNS Number : 1276H

NB Global Floating Rate Income Fund

24 May 2011

 



NB Global Floating Rate Income Fund Limited Portfolio Update

The board of directors (the "Board") of NB Global Floating Rate Income Fund Limited (the "Company") today announces an update in relation to the Company's investment portfolio. The Board is pleased with the progress that its investment manager, Neuberger Berman Europe Limited (the "Investment Manager"), has made in deploying capital since the launch of the Company ("IPO") in April this year.

As at May 19, 2011, the Company had invested approximately 54% of the net proceeds of the IPO (the "Committed Capital"). The Investment Manager believes that it remains on target to invest the net IPO proceeds within three months of the Company's listing and admission, as outlined in its prospectus published on 18 March 2011 ("Prospectus").

The Company has invested in 80 companies across 23 industries. When fully invested, the Investment Manager expects the Company to be invested in over 100 investments, providing even greater diversity than the anticipated 75 investments outlined in the Prospectus. The currency breakdown of these investments is 82.9% US Dollars, 11.7% Euros and 5.4% UK Sterling as at May 19, 2011.

The gross running yield on the Committed Capital was 6.2% as at May 19, 2011.

The Board expects to release the Company's first monthly factsheet at the start of June 2011, which will include performance data, manager commentary and a portfolio breakdown.

For further information, please contact:

Neuberger Berman Europe Limited	[phone]
Nick Hoar Anji Stewart

www.nbgfrif.com

Background Information
The Company is a closed-ended investment company limited by shares incorporated under the laws of Guernsey on 10 March 2011, with registration number 53155. The Company targets an annualised yield per share in the region of 5% (net of fees and expenses) in the first full year of investment, plus some capital appreciation, while seeking to protect investors from rising interest rates. The Company is managed by three experienced portfolio managers backed by an experienced credit team of over 30 investment professionals.

The Company is managed by Neuberger Berman Europe Limited, an indirect wholly-owned subsidiary of Neuberger Berman Group LLC. The Investment Manager has delegated certain of its responsibilities and functions to the sub-investment manager, Neuberger Berman Fixed Income LLC, also an indirect wholly-owned subsidiary of Neuberger Berman Group LLC. To find out more about the Company and Neuberger Berman Group LLC, please visit www.nbgfrif.com.

This document has been prepared by NB Global Floating Rate Income Fund Limited ("NBGFRIF") and is the sole responsibility of NBGFRIF. This document is not intended to be an investment advertisement or sales instrument and does not constitute an offer or an attempt to solicit offers for any securities in NBGFRIF in any jurisdiction.  This document was prepared using the financial information available to NBGFRIF prior to the date of this announcement.  This information is believed to be accurate but has not been audited by a third party.  NBGFRIF does not accept any liability for actions taken on the basis of the information provided herein. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.

 

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