Neuberger Berman Closed-End Funds Announce Preliminary Results of Tender Offers
June 01 2009 - 8:10AM
Business Wire
Neuberger Berman California Intermediate Municipal Fund Inc.
(AMEX: NBW), Neuberger Berman Dividend Advantage Fund Inc. (AMEX:
NDD), Neuberger Berman High Yield Strategies Fund (NYSE: NHS),
Neuberger Berman Income Opportunity Fund Inc. (AMEX: NOX),
Neuberger Berman Intermediate Municipal Fund Inc. (AMEX: NBH),
Neuberger Berman New York Intermediate Municipal Fund Inc. (AMEX:
NBO) and Neuberger Berman Real Estate Securities Income Fund Inc.
(AMEX: NRO) (each, a �Fund� and collectively, the �Funds�) each
announced today the preliminary results of its tender offer. The
tender offers, all of which expired at 12:00 Midnight, New York
City time on Friday, May 29, 2009 were, with the exception of
NRO�s, oversubscribed. Because the number of shares tendered
exceeded the number of shares each Fund other than NRO offered to
purchase, each Fund other than NRO will purchase up to 10% of its
outstanding common shares on a pro-rata basis in accordance with
the number of shares duly tendered by each shareholder and the
terms of its Offer to Purchase.
Based on preliminary information, the results of the tender
offers are provided in the table below. The Funds currently expect
that they will announce the final results of their tender offers on
Thursday, June 4, 2009, the day after the period for delivering
shares tendered by guaranteed delivery expires.
�
�
�
Fund
�
�
�
Number of
Shares Tendered
�
�
�
Percentage of Outstanding Shares
Tendered
�
�
�
Shares Tendered Via Guaranteed
Delivery
� NBW 1,676,574 24.66% 67,767 NDD 2,262,552 38.97% 447,439 NOX
3,754,057 21.17% 254,203 NBH 4,373,479 21.12% 76,106 NHS 2,240,201
18.28% 20,971 NBO 1,230,813 22.05% 33,808 NRO 3,224,143 4.47%
345,550
Established in 1939, Neuberger Berman is one of the world�s
largest private, independent asset management companies, managing
approximately $160 billion in assets. With approximately 1,600
employees, including more than 250 investment professionals,
Neuberger Berman is a leader in providing a broad range of global
investment solutions � equity, fixed income, and alternatives � to
institutions and individuals through customized separately managed
accounts and funds. Approximately 50% of the assets are managed in
core and specialty fixed income and liquidity portfolios, 40% in a
broad range of equity portfolios, and 10% in alternative investment
products including hedge funds and private equity funds. 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 and are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in a Fund�s performance, a general downturn in the economy,
competition from other closed-end investment companies, changes in
government policy or regulation, inability of a Fund�s investment
adviser to attract or retain key employees, inability of a Fund to
implement its investment strategy, inability of a 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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