Portfolio Update (6956U)
29 Dezember 2011 - 8:00AM
UK Regulatory
TIDMNBLS TIDMNBCU TIDMNBCS TIDMNBLU
RNS Number : 6956U
NB Global Floating Rate Income Fund
29 December 2011
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
NB Global Floating Rate Income Fund Limited C Share Update
The board of directors (the "Board") of NB Global Floating Rate
Income Fund Limited (the "Company") today announces an update in
relation to the Company's investment of the $187 million of gross
proceeds from the issue of C Shares on September 30, 2011.
As at December 21, 2011, the Company had invested approximately
94% of the net proceeds of the C Share issue. The Investment
Manager believes that it remains on target to invest the remainder
of the net C Share proceeds by early January, within the targeted
three months outlined in the C Share Prospectus dated 7 September
2011 (the "Prospectus"). The C Share Portfolio has therefore
satisfied the percentage investment condition set out in the
Prospectus, and the Company expects that the conversion of the C
Shares to ordinary shares ("Conversion") will take place shortly
after the next quarterly dividend is announced in early January.
Conversion will be calculated on the basis of the relative Net
Asset Value at the time post the distribution of the dividend
attributable to each class of shares. A further announcement in
respect of Conversion will be made in due course.
Portfolio Update
The Company has invested in 91 companies across 27 industries.
The currency breakdown of these investments is 84.8% US Dollars and
9.2% Euros, as at December 21, 2011.
The current market environment has provided the opportunity to
deploy cash into loans at attractive valuations. This has enabled
the Investment Manager to initially focus its attention on
acquiring companies with near term maturities trading at an
attractive discount to par. The average purchase price of the
assets was 96.2% of par value, while the current bid price of the
portfolio at December 21, 2011 was 96.7% of par value. These loans
have been acquired at attractive yield to maturities but the
vintage (pre-financial crisis of 2008) of these loans means that
they tend to have low current yields, given the lack of LIBOR
floors. The gross running yield on the committed capital is
therefore 5.45% as at December 21, 2011, with a yield to maturity
of 6.36%.For further information, please contact:
Neuberger Berman Europe Limited +44 (0)20 3214 9000
Anji Stewart
www.nbgfrif.com
Background Information The Company is a closed-ended investment
company limited by shares incorporated under the laws of Guernsey
on 10 March 2011, with registration number 53155. The Company
targets an annualised yield per share in the region of 5% (net of
fees and expenses) in the first full year of investment, plus some
capital appreciation, while seeking to protect investors from
rising interest rates. The Company is managed by three experienced
portfolio managers backed by an experienced credit team of over 30
investment professionals.
The Company is managed by Neuberger Berman Europe Limited, an
indirect wholly-owned subsidiary of Neuberger Berman Group LLC. The
Investment Manager has delegated certain of its responsibilities
and functions to the sub-investment manager, Neuberger Berman Fixed
Income LLC, also an indirect wholly-owned subsidiary of Neuberger
Berman Group LLC. To find out more about the Company and Neuberger
Berman Group LLC, please visit www.nbgfrif.com.
This document has been prepared by NB Global Floating Rate
Income Fund Limited ("NBGFRIF") and is the sole responsibility of
NBGFRIF. This document is not intended to be an investment
advertisement or sales instrument and does not constitute an offer
or an attempt to solicit offers for any securities in NBGFRIF in
any jurisdiction. This document was prepared using the financial
information available to NBGFRIF prior to the date of this
announcement. This information is believed to be accurate but has
not been audited by a third party. NBGFRIF does not accept any
liability for actions taken on the basis of the information
provided herein. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making
any investment decision.
This information is provided by RNS
The company news service from the London Stock Exchange
END
PFUBUBDDRUDBGBI
NB Global $ (LSE:NBCU)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
NB Global $ (LSE:NBCU)
Historical Stock Chart
Von Jun 2023 bis Jun 2024