NEW YORK, June 3, 2022 /PRNewswire/ — Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the “Fund”) announced today that it has successfully completed a private placement of $26,500,000 via a Floating Rate Senior Note (“Note”) with a major unaffiliated financial institution. The Note pays interest based on a floating rate and matures in September 2023.
The transaction announced today increases the amount of leverage employed by the Fund in order to bring it more in line with the Fund’s asset level following the Fund’s recently completed transferable rights offering, which resulted in the issuance of 4,763,981 shares of common stock and gross proceeds to the Fund of approximately $40.9 million. The proceeds from the issuance of the Note will be invested by the Fund in additional portfolio securities consistent with the Fund’s investment objective and primary investment strategy.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. 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. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed-end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Neuberger Berman Investment Advisers LLC
SOURCE Neuberger Berman