Neuberger Berman Closed-End Funds Announce Final Results of Tender Offers
October 23 2009 - 8:00AM
Business Wire
Neuberger Berman California Intermediate Municipal Fund Inc.
(NYSE Amex: NBW), Neuberger Berman Income Opportunity Fund Inc.
(NYSE Amex: NOX) and Neuberger Berman Real Estate Securities Income
Fund Inc. (NYSE Amex: NRO) (each, a “Fund” and, collectively, the
“Funds”) each announced the final results of its tender offer.
The tender offers, which expired at 5:00 p.m., New York City
time on Friday October 16, 2009, were oversubscribed. In accordance
with the terms of each Fund’s Offer to Purchase, notwithstanding
that its tender offer is oversubscribed, each Fund will accept all
common stock properly tendered by stockholders holding fewer than
100 shares of common stock who tendered all their shares and
provided appropriate certification as part of their tender
(“odd-lot adjustment”). Since the total number of shares tendered
exceeds the number of shares each Fund offered to purchase, each
Fund will purchase the maximum percentage of outstanding common
stock previously announced (10% for each of NOX and NBW and 5% for
NRO) on a pro-rata basis, after making the odd-lot adjustment,
based on the number of shares properly tendered, the “Pro-Ration
Factor.” The final results of the tender offers are provided in the
table below.
Fund
Number ofSharesTendered
Number ofTendered Sharesto be
Purchased
Pro-RationFactor
Purchase Price(98% of NAVon
ExpirationDate)
Number of OutstandingShares after
TenderOffer
NBW 1,464,811 611,942 40.69% $14.15
5,507,477 NOX 2,199,723 1,596,095
72.47% $6.38 14,364,850 NRO 4,436,917
3,424,642 77.15% $3.00 65,068,197
The Funds will purchase the common shares that they accept for
tender as promptly as practicable. Stockholders who have questions
regarding the tender offers should contact their financial
advisors, or should call Mellon Investor Services LLC, the
information agent for the tender offers, at (866) 223-8669 or the
Funds at (877) 461-1899.
About Neuberger Berman
Neuberger Berman Group LLC is one of the world’s leading
independent, employee-controlled asset management companies. As of
September 30, 2009, assets under management were approximately $168
billion. Established in 1939, Neuberger Berman is a leader in a
broad range of global investment solutions – equity, fixed income,
and alternatives – to institutions and individuals though
customized separately managed accounts, mutual funds and
alternative investment products. 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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