MELBOURNE, Australia--(BUSINESS WIRE)--Global investment manager Neuberger Berman today announced that the Initial Public Offering (the “Offer”) for the NB Global Corporate Income Trust (the “Trust”), which closed on 7 September, raised more than $413 million, far exceeding the minimum raise of $150 million.
Nick Hoar, Head of Asia Pacific at Neuberger Berman, noted that the strong support for the NB Global Corporate Income Trust has reflected investor interest in gaining access to the many attractive characteristics of the global corporate bond market.
“We believe the Trust’s income and diversification characteristics, combined with Neuberger Berman’s long track record, scale and experience in managing global corporate bonds, are the reasons many Australians have chosen to include it in their investment portfolios.” Mr. Hoar said.
The Trust will invest in the bonds of large and liquid companies around the world with its well-diversified portfolio consisting of around 300 large, global companies. It will target a net distribution of 5.25% per annum, paid monthly, while maintaining a strong emphasis on capital preservation.
“We would also like to express our thanks to our investors who participated in the Offer and for the support of our Lead Arrangers, Joint Lead Managers and Co-Managers for the Offer.” Mr. Hoar added.
Investors will also benefit from Neuberger Berman’s commitment to pay all the upfront fees and costs of the Offer.
It is anticipated that the Trust will start trading on the Australian Securities Exchange (ASX) under ASX code “NBI” on 26 September.
Details of the Offer
The Issuer and Responsible Entity of the Trust is Equity Trustees Limited (“Responsible Entity”). Neuberger Berman Australia Pty Ltd will manage the Trust’s assets. The Responsible Entity, on behalf of the Trust, offered up to 250 million new Units in the Trust at $2.00 per Unit, to raise $500 million, with the discretion to accept over subscriptions. The minimum subscription was $150 million. The Offer was made under the Trust’s product disclosure statement lodged with ASIC on 6 August 2018 (PDS) and available on the Trust’s website at http://www.nb.com/nbi. Investors should review the PDS for full details of the terms of the Offer, including, in particular, the “Overview of the Trust”, “Overview of the Investment Strategy”, “Risk Factors” and “Fees and Other Costs” sections of the PDS.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman’s team is more than 2,000 professionals. For four consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages A$411 billion in client assets as of June 30, 2018. For more information, please visit our website at www.nb.com.
