NEW YORK, July 11, 2013 /PRNewswire/ -- Neuberger Berman MLP Income Fund Inc. (NYSE MKT: NML) (the "Fund"), a newly organized closed-end fund, announced today that it has successfully entered into a leverage financing facility with a major U.S. financial institution. Under the terms of the leverage facility, the Fund has access to committed debt financing of up to $500 million that is designed to allow the Fund to take advantage of short-term borrowing rates.
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The Fund recently raised $1.077 billion in its initial public offering and intends to draw on the leverage facility to purchase additional securities as its portfolio managers identify buying opportunities in furtherance of its investment objective to seek total return with an emphasis on cash distributions. The Fund invests at least 80% of its managed assets, which includes the amounts borrowed under the leverage facility, in master limited partnerships ("MLPs") or limited liability companies that have substantially similar economic characteristics to MLPs and currently expects its MLP investments to emphasize companies that the portfolio managers believe have growth potential and operate in the midstream natural resources sector.
About Neuberger Berman
Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,800 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $216 billion in assets under management as of March 31, 2013. For more information, please visit our website at www.nb.com.
A registration statement relating to the Fund's common stock has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. An investor should carefully read the Fund's prospectus, which includes a discussion of investment objectives, risk factors, fees and expenses, before investing. A copy of the final prospectus relating to the offering may be obtained from the Fund at 877.628.2583, or contact your financial advisor.
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.
Media Contact:
Alexander Samuelson, 212.476.5392, [email protected]
SOURCE Neuberger Berman MLP Income Fund Inc.
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