Neuberger Berman Real Estate Securities Income Fund Inc. Announces Partial Leverage Refinancing
Neuberger Berman Management LLC. Investor Information, (877) 461-1899
NEW YORK, NY, October 1, 2014 …Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE MKT: NRO) (the “Fund”) announced today that it has successfully refinanced its debt leverage by entering into a new credit facility, with an initial term of five years, with a major unaffiliated lending institution. The Fund used the majority of its initial borrowings under the new credit facility to repay the outstanding borrowings under its prior credit facility. In connection with the new credit facility, the Fund has increased the amount of leverage it employs.
The Fund’s new credit facility, when combined with its outstanding mandatory redeemable preferred shares, should provide increased stability to the Fund’s overall cost of leverage by meaningfully increasing the amount of fixed-rate financing utilized by the Fund and by securing debt financing for an initial term of five years.
About Neuberger Berman
Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 17 countries, Neuberger Berman’s team is more than 2,000 professionals and the company was named by Pensions & Investments as a 2013 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 $257 billion in client assets as of June 30, 2014. For more information, please visit our website at www.nb.com.