NEW
YORK, July 29, 2022 /PRNewswire/ -- Neuberger
Berman MLP and Energy Income Fund Inc. (NYSE American: NML)
(the "Fund") has announced an increase in its monthly distribution
rate to $0.02266 per share of common
stock from the prior monthly distribution rate of $0.0206 per share, representing an increase of
approximately 10%. The Fund has also declared its next monthly
distribution at the new rate, which is payable on August 31, 2022, has a record date of
August 15, 2022 and has an ex-date of
August 12, 2022.
The new monthly distribution rate of $0.02266 per share represents an annualized
distribution per share of $0.27192
versus the prior annualized amount of $0.2472 and results in a distribution rate of
approximately 3.26% and 3.98%, of the Fund's net asset value and
market price, respectively, as of July
28, 2022. Furthermore, the increase in distribution
rate announced today represents the sixth increase in the Fund's
distribution rate since June 2020 and
an overall increase of approximately 94% in the Fund's monthly
distribution rate over that time period.
Management and the Fund's Board of Directors (the "Board") have
closely monitored the master limited partnership ("MLP") and energy
markets, as well as the expected impact of market conditions on the
Fund's earnings. In recommending and approving, respectively, the
increase in the Fund's monthly distribution rate, Management and
the Board considered, among other factors, the amount of
distributable cash flow expected to be received from the Fund's
investments, including recently announced increases in distribution
rates by certain of the Fund's investments, the amount of leverage
the Fund is currently employing, the expected cost of leverage and
the level of other Fund expenses. Management and the Board will
continue to closely monitor market conditions and the Fund's
ability to generate distributable cash flow.
The Fund remains committed to its investment strategy based on
analysis of high quality MLPs and energy companies, with an
emphasis on the midstream natural resources sector. The Fund
currently intends to make regular monthly cash distributions to
holders of its common stock at a fixed rate per share, to be
determined based on the projected net rate of return of the Fund's
investments as well as other factors, subject to ongoing review and
adjustment from time to time. The Fund currently intends to pay its
regular monthly distributions out of its distributable cash flow,
which generally consists of (1) cash and paid-in-kind distributions
from MLPs or their affiliates, dividends from common stocks,
interest from debt instruments and income from other investments
held by the Fund less (2) current or accrued operating expenses,
including leverage costs, if any, and taxes on its taxable
income.
The Fund expects that a portion of its distributions to
stockholders will constitute a non-taxable return of capital. A
"return of capital" is a distribution by the Fund which represents
a return of a common stockholder's original investment, and should
not be confused with a dividend. To the extent the Fund pays a
return of capital, a common stockholder's basis in Fund
shares will be reduced, which will increase a capital gain or
reduce a capital loss upon sale of those shares. There is no
assurance that the Fund will always be able to pay distributions of
a particular size, or that a distribution will consist solely of
the Fund's current and accumulated earnings and profits.
In compliance with Section 19 of the Investment Company Act of
1940, as amended, a notice would be provided for any distribution
that does not consist solely of income. The notice would be for
informational purposes and not for tax reporting 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. The final determination of the source
and tax characteristics of all distributions paid in 2022 will be
made after the end of the year.
The Fund is subject to federal income tax on its taxable income,
unlike most investment companies. Any taxes paid by the Fund will
reduce the amount available to pay distributions to stockholders,
and therefore investors in the Fund will likely receive lower
distributions than if they invested directly in MLPs.
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.
With offices in 25 countries, Neuberger Berman's diverse team has
over 2,500 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). In 2020, the PRI named Neuberger Berman a
Leader, a designation awarded to fewer than 1% of investment firms
for excellence in Environmental, Social and Governance (ESG)
practices. The PRI also awarded Neuberger Berman an A+ in every
eligible category for our approach to ESG integration across asset
classes. The firm manages $418
billion in client assets as of June
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 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/neuberger-berman-mlp-and-energy-income-fund-announces-increase-in-distribution-rate-and-declaration-of-next-monthly-distribution-301596356.html
SOURCE Neuberger Berman