{"id":399475,"date":"2020-12-14T17:49:26","date_gmt":"2020-12-14T22:49:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=399475"},"modified":"2020-12-14T17:49:26","modified_gmt":"2020-12-14T22:49:26","slug":"neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\/","title":{"rendered":"Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 14, 2020<\/span> \/PRNewswire\/ &#8212; Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the &#8220;Fund&#8221;) announced today the final results of its tender offer for up to 25% of its outstanding shares of common stock for cash at a price per share equal to 96% of its net asset value per share (&#8220;NAV&#8221;) determined on <span class=\"xn-chron\">December 10<\/span>, 2020.\u00a0 The tender offer, which expired at <span class=\"xn-chron\">5:00 p.m.<\/span>, <span class=\"xn-location\">New York City<\/span> time, on <span class=\"xn-chron\">December 10, 2020<\/span>, was oversubscribed.\u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/75472\/neuberger_berman_group_llc_logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/75472\/neuberger_berman_group_llc_logo.jpg\" title=\"Neuberger Berman Logo (PRNewsFoto\/Neuberger Berman Group LLC)\" alt=\"Neuberger Berman Logo (PRNewsFoto\/Neuberger Berman Group LLC)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>In accordance with the terms of the offer, since the tender offer was oversubscribed, the Fund will purchase 25% of its outstanding shares of common stock on a pro-rata basis, with appropriate adjustment to avoid purchase of fractional shares of common stock, based on the number of shares properly tendered (the &#8220;Pro-Ration Factor&#8221;).\u00a0 The final results of the tender offer are provided in the table below.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvat prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of<br \/>Shares <br \/>Tendered<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of <br \/>Tendered <br \/>Shares to be <br \/>Purchased<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pro-Ration<br \/>Factor<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NAV on <br \/>December 10, <br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase <br \/>Price (96% of <br \/>NAV on <br \/>December 10,<br \/>2020)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of <br \/>Shares <br \/>Outstanding <br \/>After Tender <br \/>Offer<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvat prnsbbs prntac prnpl6 prnsbls prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,666,834<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,885,146<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvat prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73.27541%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$12.53<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$12.03<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,655,439<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>The Fund will purchase the shares of common stock that it has accepted for payment as promptly as practicable.\u00a0 Stockholders who have questions regarding the tender offer should contact their financial advisors or call AST Fund Solutions, LLC, the information agent for the tender offer, at (877) 478-5039 (toll free).<\/p>\n<p>\n        <b>Reduction in Leverage<\/b>\n      <\/p>\n<p>In connection with the reduction in the Fund&#8217;s asset level following the tender offer, and in order to maintain what Management and the Fund&#8217;s Board of Directors believe to be an appropriate level of leverage, the Fund also announced today that it has reduced the total amount of leverage it employs.\u00a0 Accordingly, the Fund has redeemed a portion of its outstanding Mandatory Redeemable Preferred Shares (&#8220;Preferred Shares&#8221;) and prepaid a portion of its outstanding Floating Rate Senior Notes (&#8220;Notes&#8221;).\u00a0 The total amount of leverage employed by the Fund has been reduced from <span class=\"xn-money\">$125 million<\/span> to <span class=\"xn-money\">$95.5 million<\/span>, consisting of <span class=\"xn-money\">$76 million<\/span> of Preferred Shares and <span class=\"xn-money\">$19.5 million<\/span> of Notes.\u00a0 <\/p>\n<p>\n        <b>About Neuberger Berman<\/b>\n      <\/p>\n<p>Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies\u2014including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds\u2014on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman&#8217;s diverse team has over 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions &amp; Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more).\u00a0In 2020, the <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3012748-1&amp;h=4134667859&amp;u=https%3A%2F%2Fwww.nb.com%2Fen%2Fus%2Fesg%2Fcollaboration&amp;a=PRI\" rel=\"nofollow noopener noreferrer\">PRI<\/a> 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 <span class=\"xn-money\">$374 billion<\/span> in client assets as of <span class=\"xn-chron\">September 30, 2020<\/span>. For more information, please visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3012748-1&amp;h=1534931782&amp;u=http%3A%2F%2Fwww.nb.com%2F&amp;a=www.nb.com\" rel=\"nofollow noopener noreferrer\">www.nb.com<\/a>.<\/p>\n<p>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&#8217;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&#8217;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.<\/p>\n<p>\n        <b>Investor Contact:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/><\/b>Neuberger Berman Investment Advisers LLC\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/>Investor Information <br \/>(877) 461-1899<\/p>\n<p>\n        <b>Media Contact: <br \/><\/b><br \/>\n        <span class=\"xn-person\">Alexander Samuelson<\/span><br \/>\n        <br \/>Neuberger Berman<br \/>(212) 476-5392<br \/><a target=\"_blank\" href=\"mailto:Alexander.Samuelson@nb.com\" rel=\"nofollow noopener noreferrer\">Alexander.Samuelson@nb.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY23755&amp;sd=2020-12-14\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage-301192439.html\">http:\/\/www.prnewswire.com\/news-releases\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage-301192439.html<\/a><\/p>\n<p>SOURCE  Neuberger Berman<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY23755&amp;Transmission_Id=202012141746PR_NEWS_USPR_____NY23755&amp;DateId=20201214\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, Dec. 14, 2020 \/PRNewswire\/ &#8212; Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the &#8220;Fund&#8221;) announced today the final results of its tender offer for up to 25% of its outstanding shares of common stock for cash at a price per share equal to 96% of its net asset value per share (&#8220;NAV&#8221;) determined on December 10, 2020.\u00a0 The tender offer, which expired at 5:00 p.m., New York City time, on December 10, 2020, was oversubscribed.\u00a0 In accordance with the terms of the offer, since the tender offer was oversubscribed, the Fund will purchase 25% of its outstanding shares of common stock on a pro-rata basis, with appropriate adjustment to avoid purchase of fractional &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-399475","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, Dec. 14, 2020 \/PRNewswire\/ &#8212; Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the &#8220;Fund&#8221;) announced today the final results of its tender offer for up to 25% of its outstanding shares of common stock for cash at a price per share equal to 96% of its net asset value per share (&#8220;NAV&#8221;) determined on December 10, 2020.\u00a0 The tender offer, which expired at 5:00 p.m., New York City time, on December 10, 2020, was oversubscribed.\u00a0 In accordance with the terms of the offer, since the tender offer was oversubscribed, the Fund will purchase 25% of its outstanding shares of common stock on a pro-rata basis, with appropriate adjustment to avoid purchase of fractional &hellip; Continue reading &quot;Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-14T22:49:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/75472\/neuberger_berman_group_llc_logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage\",\"datePublished\":\"2020-12-14T22:49:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/\"},\"wordCount\":634,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/75472\\\/neuberger_berman_group_llc_logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\\\/\",\"name\":\"Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/neuberger-berman-high-yield-strategies-fund-announces-final-results-of-its-tender-offer-and-reduction-in-leverage\/","og_locale":"en_US","og_type":"article","og_title":"Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage - Market Newsdesk","og_description":"PR Newswire NEW YORK, Dec. 14, 2020 \/PRNewswire\/ &#8212; Neuberger Berman High Yield Strategies Fund Inc. 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