Neuberger Berman MLP and Energy Income Fund Inc. Announces Amendment to Credit Facility; Reduces Monthly Distribution, Payable on April 30, 2020
April 31, 2020 at 06:48 pm EDT
Share
Neuberger Berman MLP and Energy Income Fund Inc. announced that it has the amount of leverage employed in response to adverse market conditions for MLPs and other energy companies, the effect of such market conditions on the value of the Fund's investments and its ability to comply with certain terms of the Facility and the asset coverage requirements of the Investment Company Act of 1940, as amended. Under the amended terms of the Facility, the lender's total commitment decreased to a $50 million revolving credit facility. As part of this amendment, the Fund has repaid each of its two outstanding $50 million fixed-rate term loans that were due April 2020 and April 2022, respectively, and incurred certain costs associated therewith.
The Fund also announced a reduction in its monthly distribution rate and declared a distribution of $0.0117 per share of common stock. 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 Energy Infrastructure and Income Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fundâs investment objective is to seek a total return with an emphasis on cash distributions. Under normal market conditions, the Fund may invest at least 80% of its total assets in U.S. and non-U.S. equity or fixed income securities of energy infrastructure companies. The Fundâs energy infrastructure companies include Master Limited Partnerships (MLPs) and limited liability companies taxed as partnerships, MLP affiliates, YieldCos, pipeline companies, utilities, C corporations and other companies that operate within the oil and gas storage, transportation, refining, marketing, equipment and services, drilling, exploration or production sub-industries. The Fund's investment manager is Neuberger Berman Investment Advisers LLC.
NEUBERGER BERMAN ENERGY INFRASTRUCTURE AND INCOME FUND INC. 