Result of Equity Issue

RNS Number : 5057A

NB Global Floating Rate Income Fund

21 March 2013

 



21 March 2013

NB Global Floating Rate Income Fund Limited

Successful C Share issue of £363 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 approximately £363 million by means of a Placing and Offer for Subscription of 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 26 March 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 £363,549,886

Ø This significantly exceeds the Company's target of raising in excess of £100,000,000

Ø The Issue will comprise 363,549,886 Sterling C Shares

Ø Following Admission on 26 March 2013, the Shares will be traded under the ticker symbol NBCS.L for the Sterling Shares (ISIN: GG00B818G440)  

William Frewen, Chairman of the Company, commented:

"We are extremely pleased with the latest successful C share issue, which exceeded our target. Demand in the market for reliable income generating products remains high, and we believe shareholders are attracted by the 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]

Joe Winkley

James Brodie

Neil Winward

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 c $507m. In September 2011 the Company raised $187m through the issue of C shares which converted to 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 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.

 

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