Neuberger Berman MLP Income Fund Announces Leverage Refinancing
Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com
New York, April 14, 2015 — Neuberger Berman MLP Income Fund Inc. (NYSE MKT: NML) (the “Fund”) announced today that it has successfully entered into a new leverage financing facility with a major global financial institution (the “New Facility”). Under the terms of the New Facility, the Fund has access to committed debt financing of up to $500 million. The New Facility consists of $300 million in floating-rate debt financing and $200 million in fixed-rate debt financing. For the floating-rate portion of the New Facility, the Fund will pay interest based on a set percentage above the three-month London Interbank Offered Rate (LIBOR). The fixed-rate portion of the New Facility consists of three loans, details of which are provided below:
|Principal Amount||Annual Interest Rate||Maturity Date|
|$50,000,000||3.28%||April 14, 2020|
|$75,000,000||3.64%||April 14, 2022|
|$75,000,000||3.88%||April 14, 2025|
Upon closing of the New Facility, the Fund utilized $400 million of the New Facility in order to repay all borrowings outstanding under its prior leverage facility. The Fund currently expects that the total amount of leverage it employs will not change materially.
Robert Conti, President of the Fund, noted that the New Facility allows the Fund to take advantage of the current low interest rate environment and to lock in attractive fixed-rate costs of financing for a portion of the Fund’s leverage for longer periods of time than were available under its prior leverage facility. Additionally, Mr. Conti noted that the New Facility is also designed to provide the Fund with flexibility to manage the amount of leverage it employs over time.
The Fund, which was launched in March 2013, invests at least 80% of its managed assets, which includes the amounts borrowed for leverage purposes, in master limited partnerships (“MLPs”) or limited liability companies that have substantially similar economic characteristics to MLPs and currently expects its MLP investments to emphasize companies that the portfolio managers believe have growth potential and operate in the midstream natural resources sector.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman’s team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $250 billion in client assets as of December 31, 2014. For more information, please visit our website at www.nb.com.