Thu, 26/06/2014 - 14:00
Neuberger Berman has approved plans to refinance the leverage of the firm’s closed-end intermediate municipal funds through the issuance of Variable Rate Municipal Term Preferred Shares (VMTPs).
The proceeds will be used to redeem 100 per cent of the funds' outstanding Auction Market Preferred Shares (AMPS).
The funds in question are the Neuberger Berman California Intermediate Municipal Fund (NBW), Neuberger Berman Intermediate Municipal Fund (NBH) and Neuberger Berman New York Intermediate Municipal Fund (NBO).
The AMPS will be redeemed at the full liquidation preference of USD25,000 per share, plus accumulated distributions owed. The funds have filed with the Securities and Exchange Commission, notices of their intention to redeem all outstanding AMPS. Subject to the satisfaction of certain requirements, including the successful issuance and sale of the VMTPs, the funds expect to redeem their AMPS in accordance with the schedule below:
NBW Series A 64123C200 – 1 July
NBW Series B 64123C309 – 1 July
NBH Series A 64124P200 – 2 July
NBH Series B 64124P309 – 2 July
NBO Series A 64124K201 – 7 July
NBO Series B 64124K300 – 3 July
The funds expect to issue VMTPs via private placements. VMTPs are preferred shares with a mandatory-term redemption date in five years that pay distributions that are set to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. VMTPs are senior in priority to the funds' outstanding common stock as to payments of distributions. The funds anticipate that its total overall leverage from preferred stock will remain substantially the same after the VMTP share issuance and redemption of its AMPS.
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