NB Global Monthly Income Fund Ltd Cash Exit Facility Offer Redemption Timetable (8238U)
04 Agosto 2022 - 1:00AM
UK Regulatory
TIDMNBMI
RNS Number : 8238U
NB Global Monthly Income Fund Ltd
04 August 2022
4 August 2022
NB Global Monthly Income Fund Limited
(the "Company")
Updated Cash Exit Facility Offer Redemption Timetable and
Portfolio Positioning
The Company announced on 1 June 2022 the implementation of the
first tender offer under the cash exit facility described in the
shareholder circular published by the Company on 17 August 2020 and
approved by Shareholders at the EGM of the Company held on 8
September 2020. Following this, the Company published to
Shareholders on 16 June 2022, a circular containing details of the
first tender offer under the Cash Exit Facility (the "Cash Exit
Offer").
Terms used and not defined in this announcement shall have the
meaning given to them in the circular to Shareholders published by
the Company on 16 June 2022 (the "Circular").
Updated Redemption Timetable
As detailed in the Circular, the expected timetable for
redemption of the proceeds of the Cash Exit Offer estimated that
Redemption Proceeds would be paid in two instalments: 1 September
2022 for assets with higher settlement liquidity and 23 November
for assets with lower settlement liquidity.
Following faster than anticipated settlement of trades, the
Company now has sufficient cash available to fund the Redemption
Proceeds in full. Therefore a single Redemption Proceeds payment
will be made to eligible Shareholders on 8 August 2022.
In respect of future tenders, the Board intends to maintain a
more conservative stance on indicating speed of repayment, but will
make every effort to expedite payment ahead of any published
schedule.
Portfolio Positioning
All trading activity required to fund the Cash Exit Facility
Offer was conducted in July with the vast majority (over 95%) being
completed by 15 July 2022. The tables below show selected portfolio
metrics as of 29 July (July month-end). Investors should note that
the portfolio sectoral weightings currently are not materially
different from the pre-tender portfolio, and any changes have been
driven by investment considerations and not for reasons of
liquidity.
Asset Allocation as of 29 July 2022[1] (with 30 June
comparison)
30 June 2022 29 July 2022
Global High Yield 24.88% 23.77%
------------- -------------
Global Floating Rate Loans 29.08% 27.12%
------------- -------------
Traditional Credit 53.96% 50.89%
------------- -------------
Private Debt 24.24% 26.26%
------------- -------------
Special Situations 9.29% 11.74%
------------- -------------
CLO Debt Tranches 12.51% 11.11%
------------- -------------
Alternative Credit 46.04% 49.11%
------------- -------------
Asset Type as of 29 July 2022 1 (with 30 June comparison)
30 June 2022 29 July 2022
Fixed Rate 34% 33%
------------- -------------
Floating Rate 66% 67%
------------- -------------
Unsecured 22% 19%
------------- -------------
Secured 78% 81%
------------- -------------
Note that the move higher in allocation to Special Situations
from 9.3% to 11.7% as of 29 July 2022 is in large part explained by
the impact of market movements as opposed to trading activity
related to the Cash Exit Facility Offer. The effect is similar to
that noted within the 30 June 2022 factsheet the section of which
is included below for reference:
"The overall Fund exposure to floating rate assets is at 65%,
with an average duration of 1.7 years. During the month the weight
of holdings in Special Situations grew at the expense of Global
High Yield, the weight of Private Debt, CLO Debt Tranches and
Global Floating Rate Loans remaining broadly flat over the month.
The performance of Western credit markets continued to be poor as
investors expected interest rates would continue to rise in the
face of sustained high levels of inflation and supply chain
disruption, economic data pointing to a potential cooling of growth
adding to people's concerns. Turnover in the portfolio was lower
than average during the period, partly due to the ongoing subdued
primary market, although we did continue to capitalise on
opportunities to add to more defensive issuers which had been
caught up in the wider market malaise"
Enquiries:
Neuberger Berman Europe Limited (Manager)
Elizabeth Papadopoulos +44 (0) 20 3214 9078
Numis Securities Limited (Broker)
Hugh Jonathan
Matt Goss +44 (0) 20 7260 1000
KL Communications (PR)
Charles Gorman +44 (0) 20 7995 6673
Sanne Fund Services (Guernsey) Limited
(Company Secretary)
Matt Falla
Gemma Woods +44 (0) 1481 737 600
LEI: 549300P4FSBHZFALLG04
[1] Based off preliminary data from BlackRock
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