NEW YORK, Oct. 15, 2019 /PRNewswire/ -- Neuberger Berman
Real Estate Securities Income Fund Inc. (NYSE American: NRO)
(the "Fund") announced today that it has successfully refinanced
its debt leverage by entering into a new credit facility with a
major unaffiliated lending institution. The Fund used the new
credit facility to repay the outstanding borrowings under its prior
credit facility. In connection with the new credit facility, the
amount of leverage employed by the Fund has not changed.
The Fund's new credit facility should provide increased
stability to the Fund's overall cost of leverage and meaningfully
reduce the interest rates paid on the fixed-rate, term portion of
the financing utilized by the Fund. As part of the Fund's
refinancing of its leverage, the Fund secured two fixed rate term
loans, each for $30 million. One a
three-year term paying an annualized interest rate of 2.72% and the
other a five-year term paying an annualized interest rate of
2.96%.
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 and hedge
funds—on behalf of institutions, advisors and individual investors
globally. With offices in 23 countries, Neuberger Berman's team is
more than 2,100 professionals. For five 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). Tenured, stable and long-term
in focus, the firm has built a diverse team of individuals united
in their commitment to delivering compelling investment results for
our clients over the long term. That commitment includes active
consideration of environmental, social and governance factors. The
firm manages $339 billion in client
assets as of September 30, 2019. 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.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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