NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND INC. Neuberger Berman High Yield Strategies Fund Inc. announced that it has successfully refinanced its leverage by entering into a new revolving debt financing facility ("Revolving Credit Facility") with a major unaffiliated financial institution. Under the terms of the Revolving Credit Facility, the Fund has access to committed debt financing of up to $110 million. As part of the leverage refinancing, the Fund also announced the approval of the issuance of up to $40 million in Mandatory Redeemable Preferred Shares, Series D ("Series D Preferred"), the issuance of which is subject to completion of documentation and customary closing conditions.
The Fund used a combination of the proceeds from the Revolving Credit Facility and short-term financing pending the issuance of the Series D Preferred, without interrupting its leveraged investment program, to repay its outstanding Floating Rate Senior Notes and redeem its mandatory Redeemable Preferred Shares, series C.
