NEW
YORK, June 28, 2023 /PRNewswire/ -- Neuberger
Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the
"Fund") announced today the final results of its transferable
rights offering (the "Offer"), which expired at 5:00 PM Eastern Time on June 21, 2023 (the "Expiration Date").
The final subscription price per share of common stock ("Common
Stock") was $7.42, which 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. The
Offer, which was over-subscribed, will result in the issuance of
6,482,227 shares of Common Stock. The gross proceeds of the Offer
are expected to be approximately $48.1
million. The shares of Common Stock subscribed for are
expected to be issued on or about June 29,
2023. The Fund will return to subscribing investors the full
amount of any excess payments.
The Offer was oversubscribed and the over-subscription requests
exceeded the over-subscription shares available. Accordingly, the
shares issued as part of the over-subscription privilege of the
Offer will be allocated pro-rata among record date stockholders who
submitted over-subscription requests based on the number of rights
originally issued to them by the Fund.
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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SOURCE Neuberger Berman