Neuberger Berman Real Estate Securities Income Fund Inc. Reduces the Amount of Outstanding Borrowings Under Its Leverage Facility; Announces Distribution of Common Stock, Payable on April 30, 2020
April 31, 2020 at 06:48 pm
Share
Neuberger Berman Real Estate Securities Income Fund Inc. announced that it has reduced the amount of outstanding borrowings under its leverage facility to bring the amount of available debt financing in line with the Fund's current asset level. In connection with doing so, the Fund repaid the three-year fixed-rate term loan of $30 million due September 2022, and incurred certain costs therewith. As a result, after the repayment, the amount of the Fund's outstanding borrowings was reduced to $30 million, consisting of an existing $30 million five-year, fixed-rate term loan, due September 2024. Under the Fund's current leverage structure, the Fund has the five-year term loan and can borrow up to an additional $40 million through its revolving credit facility for any future leverage needs.
The Fund also announced a distribution declaration of $0.04 per share of common stock. This declaration does not represent a change in the Fund's distribution rate. The distribution announced is payable on April 30, 2020, has a record date of April 15, 2020 and has an ex-date of April 14, 2020.
Neuberger Berman Real Estate Securities Income Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary objective is to provide high current income with capital appreciation. It has a portfolio with a mix of equity securities of real estate investment trusts (REITs) and other real estate companies. Its investments are concentrated in income producing common equity securities, preferred securities, convertible securities, and non-convertible debt securities issued by companies deriving their revenue from the ownership, construction, financing, management and/or sale of commercial, industrial, and/or residential real estate. It invests in various sectors, which include apartments, commercial financing, data center, healthcare, home financing, industrial, infrastructure, office, manufactured homes, regional malls, self-storage, single family homes and shopping centers. The Fund's investment manager is Neuberger Berman Investment Advisers LLC.
Neuberger Berman Real Estate Securities Income Fund Inc. Reduces the Amount of Outstanding Borrowings Under Its Leverage Facility; Announces Distribution of Common Stock, Payable on April 30, 2020