Neuberger Berman New York Intermediate Municipal Fund Announces Decrease In Distribution Rate And Declaration Of Next Monthly Distribution

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Mar 16, 2015, 05:08 ET

NEW YORK, March 16, 2015 /PRNewswire/ -- Neuberger Berman New York Intermediate Municipal Fund Inc. (NYSE MKT: NBO) has announced a decrease in its monthly distribution rate to $0.057 per share of common stock from the prior monthly distribution rate of $0.065 per share. The Fund's annual distribution per share of common stock is now $0.684 versus the prior annual amount of $0.780. The Fund has also declared its next monthly distribution at the new rate, which is payable on April 15, 2015, has a record date of March 31, 2015 and has an ex-date of March 27, 2015.

The new distribution rate is approximately 12% lower than the prior rate and represents an annualized distribution rate of approximately 4.93% per share of common stock based on the closing market price of $13.87 per share on March 13, 2015. The decrease in distribution rate is the result of numerous factors, including the general decline in yields available in the municipal market and the impact on the Fund's level of earnings, its current undistributed net investment income (UNII) balance and its current and expected costs of leverage.

In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would accompany any distribution that does not consist solely of net investment income. This notice would be for informational purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital.

Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 17 countries, Neuberger Berman's team is more than 2,000 professionals and the company was named by Pensions & Investments as a 2013 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.

Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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.

Contact:
Neuberger Berman Management LLC
Investor Information
(877) 461-1899

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