NEW YORK, March 31, 2017 /PRNewswire/ -- Neuberger Berman
Real Estate Securities Income Fund Inc. (NYSE MKT: NRO) (the
"Fund") announced today that the Fund has filed with the Securities
and Exchange Commission a notice of intention to redeem all of its
issued and outstanding Mandatory Redeemable Preferred Shares (the
"Preferred Stock"). The Preferred Stock was privately placed
with institutional investors pursuant to an offering exempt from
registration under the Securities Act of 1933 in September 2012.
The redemption price will be the $25,000 liquidation value per share of Preferred
Stock, plus any accumulated but unpaid distributions. The
Fund currently expects to finance the Preferred Stock redemption
with borrowings under the Fund's credit facility and does not
expect the redemption of the Preferred Stock and related borrowings
to have a material impact on the amount of leverage employed by the
Fund. Please see redemption details for the Preferred Stock
below:
Preferred
Series
|
CUSIP
|
Redemption
Date
|
Total Shares
to be
Redeemed
|
Aggregate
Principal
Amount to be
Redeemed
|
Series A
|
64190A2#9
|
On or about
April 12, 2017
|
1,000
|
$25,000,000
|
The Fund is a diversified, closed-end management investment
company that invests primarily in securities issued by real estate
companies, including real estate investment trusts (REITs).
The Fund's primary investment objective is high current income with
capital appreciation as a secondary investment objective. The
Fund's investment strategy seeks to develop a portfolio with a
broad mix of real estate securities through superior stock
selection and property sector allocation.
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 19
countries, Neuberger Berman's team is more than 1,900 professionals
and the company was named by Pensions & Investments as a Best
Place to Work in Money Management for four consecutive years.
Tenured, stable and long-term in focus, the firm fosters an
investment culture of fundamental research and independent
thinking. It manages $255
billion in client assets as of December 31, 2016. 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 manager 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.
Contact:
Neuberger Berman
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman Real Estate Securities Income Fund
Inc.