NEUBERGER BERMAN CLOSED-END MUNICIPAL FUNDS ANNOUNCE PARTIAL REDEMPTION OF PREFERRED SHARES
NEW YORK, Nov. 11, 2022 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW), and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) (each a "Fund" and collectively, the "Funds") each announced that it has redeemed a portion of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). The redemption price for the VMTP Shares was the $100,000 liquidation preference per share plus the final accumulated distribution amounts owed. Neuberger Berman Municipal Fund Inc. redeemed 200 VMTP Shares and has 1,457 VMTP Shares outstanding. Neuberger Berman California Municipal Fund Inc. redeemed 55 VMTP Shares and has 457 VMTP Shares outstanding. Neuberger Berman New York Municipal Fund Inc. redeemed 55 VMTP Shares and has 365 VMTP Shares outstanding.
The Funds have not registered any VMTP Shares under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Unless so registered, no VMTP Shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The holder of the VMTP Shares has a right to require the Funds to register the VMTP Shares under certain circumstances. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
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 26 countries, Neuberger Berman's diverse team has over 2,600 professionals. For eight 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). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $408 billion in client assets as of September 30, 2022. 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 a Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of a Fund's investment adviser to attract or retain key employees, inability of a Fund to implement its investment strategy, inability of a 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
SOURCE Neuberger Berman
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