Neuberger Berman MLP Income Fund Announces Leverage Refinancing

NEW YORK, April 14, 2015 /PRNewswire/ -- Neuberger Berman MLP Income Fund Inc. (NYSE MKT: NML) (the "Fund") announced today that it has successfully entered into a new leverage financing facility with a major global financial institution (the "New Facility").  Under the terms of the New Facility, the Fund has access to committed debt financing of up to $500 million.  The New Facility consists of $300 million in floating-rate debt financing and $200 million in fixed-rate debt financing. For the floating-rate portion of the New Facility, the Fund will pay interest based on a set percentage above the three-month London Interbank Offered Rate (LIBOR).  The fixed-rate portion of the New Facility consists of three loans, details of which are provided below:

Upon closing of the New Facility, the Fund utilized $400 million of the New Facility in order to repay all borrowings outstanding under its prior leverage facility.  The Fund currently expects that the total amount of leverage it employs will not change materially. 

Robert Conti, President of the Fund, noted that the New Facility allows the Fund to take advantage of the current low interest rate environment and to lock in attractive fixed-rate costs of financing for a portion of the Fund's leverage for longer periods of time than were available under its prior leverage facility. Additionally, Mr. Conti noted that the New Facility is also designed to provide the Fund with flexibility to manage the amount of leverage it employs over time.

The Fund, which was launched in March 2013, invests at least 80% of its managed assets, which includes the amounts borrowed for leverage purposes, in master limited partnerships ("MLPs") or limited liability companies that have substantially similar economic characteristics to MLPs and currently expects its MLP investments to emphasize companies that the portfolio managers believe have growth potential and operate in the midstream natural resources sector.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman's team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $250 billion in client assets as of December 31, 2014. For more information, please visit our website at www.nb.com.

Shares of closed-end funds, including the Fund, frequently trade at a discount to their net asset value in the secondary market. The investment return and principal value of an investment in the Fund will fluctuate so that the shares, when sold, may be worth more or less than their original cost. The use of leverage can magnify both gains and losses. The use of leverage can also increase income generation and cash flow but will also increase expenses that are borne by the shareholders. 

Certain statements in this press release, such as those related to the use of leverage, constitute forward looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are the ability to successfully use leverage and the possibility that costs associated with the leverage are higher than expected. As a result, no assurance can be given as to future results, levels of activity, including the level of leverage, performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Media Contact:
Alexander Samuelson, 212.476.5392, [email protected]

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SOURCE Neuberger Berman

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