NEW
YORK, June 22, 2023 /PRNewswire/ -- Neuberger
Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the
"Fund") announced today the completion of its transferable rights
offering (the "Offer"), which commenced on May 23, 2023 and expired on June 21, 2023 (the "Expiration Date").
Pursuant to the Offer, the Fund issued one transferable right (a
"Right") for each share of common stock of the Fund ("Common
Stock") held by stockholders of record as of May 23, 2023. Holders of Rights were entitled to
purchase Common Stock by submitting three Rights and the
subscription price per share for each share purchased. The final
subscription price of $7.42 per share
of Common Stock was equal to 89% of the Fund's net asset value per
share of Common Stock at the close of trading on the NYSE American
on the Expiration Date.
Based on the preliminary results, the Offer was over-subscribed.
The Offer is expected to result in the issuance of approximately
6,482,227 shares of Common Stock and the gross proceeds of the
Offer are expected to be approximately $48.1
million. The shares of Common Stock subscribed for will be
issued promptly after completion of the pro rata allocation of the
over-subscription shares and receipt of all stockholder payments.
The Fund will return to subscribing investors the full amount of
any excess payments. The final results of the Offer will be
announced at a later date.
The information in this press release is not complete and is
subject to change. This document is not an offer to sell any
securities and is not soliciting an offer to buy any securities in
any jurisdiction where the offer or sale is not permitted. This
document is not an offering, which can only be made by a
prospectus. Investors should consider the Fund's investment
objective, risks, charges and expenses carefully before investing.
The Fund's prospectus supplement and accompanying prospectus
contain this and additional information about the Fund and
additional information about the Offer, and should be read
carefully before investing. Copies of the prospectus supplement and
accompanying prospectus and other documents the Fund has filed with
the Securities and Exchange Commission may be obtained by visiting
the EDGAR database on the SEC's website at www.sec.gov.
Inquiries regarding the Offer should be directed to the Fund's
Information Agent, AST Fund Solutions, LLC, at (866) 387-9392.
About Neuberger Berman High Yield Strategies Fund
Inc. The Fund's investment objective is to seek high total
return (income plus capital appreciation). Under normal market
conditions, the Fund invests at least 80% of its total assets in
high yield debt (below investment grade) securities of U.S. and
foreign issuers. The Fund may invest up to 20% of its total assets
in other securities and financial instruments, and up to 15% of its
total assets in collateralized loan obligations.
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.
Neuberger Berman's investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm's diverse team has over 2,700 professionals.
For nine consecutive years, Neuberger Berman 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 manages $436 billion in
client assets as of March 31, 2023.
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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