NEW YORK, March 31, 2020 /PRNewswire/ -- Neuberger
Berman Real Estate Securities Income Fund Inc. (NYSE American:
NRO) (the "Fund") announced today that it has reduced the
amount of outstanding borrowings under its leverage facility to
bring the amount of available debt financing in line with the
Fund's current asset level. In connection with doing so, the
Fund repaid the three-year fixed-rate term loan of $30 million due September
2022, and incurred certain costs therewith. As a
result, after the repayment, the amount of the Fund's outstanding
borrowings was reduced to $30
million, consisting of an existing $30 million five-year, fixed-rate term loan, due
September 2024. Under the Fund's current leverage structure,
the Fund has the five-year term loan and can borrow up to an
additional $40 million through its
revolving credit facility for any future leverage needs.
Declaration of Monthly Distribution
The Fund also announced today a distribution declaration of
$0.04 per share of common
stock. This declaration does not represent a change in the
Fund's distribution rate. The distribution announced today is
payable on April 30, 2020, has a
record date of April 15, 2020 and has
an ex-date of April 14, 2020.
Under its level distribution policy, the Fund anticipates that
it will make regular monthly distributions, subject to market
conditions, of $0.04 per share of
common stock, unless further action is taken to determine another
amount. There is no assurance that the Fund will always be able to
pay a distribution of any particular amount, or that a distribution
will consist of only net investment income. The Fund's ability to
maintain its current distribution rate will depend on a number of
factors, including the amount and stability of income received from
its investments, availability of capital gains, the amount of
leverage employed by the Fund, the cost of leverage and the level
of other Fund expenses.
The distribution announced today, as well as future
distributions, may consist of net investment income, realized
capital gains and return of capital. In compliance with Section 19
of the Investment Company Act of 1940, as amended, a notice would
be provided for any distribution that does not consist solely of
net investment income. The notice would be for informational
purposes and not for tax reporting purposes, and would disclose,
among other things, estimated portions of the distribution, if any,
consisting of net investment income, capital gains and return of
capital. The final determination of the source and tax
characteristics of all distributions paid in 2020 will be made
after the end of the year.
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, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 23 countries, Neuberger Berman's diverse team has
2,200 professionals. For six 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). The firm was awarded an A+ in every category in
the latest 2019 PRI report for our approach to ESG integration
across asset classes. The firm manages $356
billion in client assets as of December 31, 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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SOURCE Neuberger Berman