Result of Equity Issue

RNS Number : 2497R

NB Global Floating Rate Income Fund

24 October 2013

 



24 October 2013

NB Global Floating Rate Income Fund Limited

Successful C Share issue of £425 million

The board of directors of NB Global Floating Rate Income Fund Limited (the "Company") is pleased to announce that the Company has raised gross proceeds of £425 million by means of a Placing and Offer for Subscription of Sterling C Shares (the "Issue"). 

The Company has applied for admission of the Sterling C Shares to listing on the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange ("Admission"), which is expected to take place on 29 October 2013.

Oriel Securities Limited and Dexion Capital plc are acting as joint financial advisers and joint bookrunners. Oriel Securities Limited is also acting as sole sponsor to the Company.

Details of the Issue and Admission

Ø Subject to Admission, the Company has raised gross proceeds of £425,571,132

Ø This has successfully achieved the Company's target of raising in excess of £200,000,000

Ø The Issue will comprise 425,571,132 Sterling C Shares

Ø Following Admission on 29 October 2013, the Sterling C Shares will be traded under the ticker symbol NBCS.L for the Sterling Shares (ISIN: GG00BDD27461)  

William Frewen, Chairman of the Company, commented:

"We are delighted by the successful results of this C share issue, which significantly exceeded our target. Demand for bank loans remains strong. We believe investors are attracted by the investment characteristics that this asset category brings, as well as to the shareholder-friendly fund structure and strong track record of the Neuberger Berman bank loans team."

For further information, please contact:

Neuberger Berman Europe                                    [phone]

Damian Holland

Anji Stewart

Oriel Securities                                            [phone]

Mark Bloomfield

Neil Winward

Tunga Chigovanyika

Tara Morrison

Dexion Capital plc                                        [phone]                         

Ravi Anand

Katie Standley

www.nbgfrif.com

Background Information

The Company is a registered closed-ended investment company incorporated in Guernsey. It was launched in April 2011, raising £311m. In September 2011 the Company raised £120m through the issue of C shares which converted to ordinary shares and in March 2013 the Company raised £363m through the issue of C shares which converted into ordinary shares. 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 NB Group. The Company's investment objective is to provide its shareholders with regular dividends, at levels that are sustainable, whilst preserving the capital value of its investment portfolio utilising the investment skills of the Investment Managers. 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.

 

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