Consideration of Tender Offer

RNS Number : 6482W

NB Distressed Debt Invest. Fd. Ltd

01 February 2012

 



NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO

U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

NB Distressed Debt Investment Fund Limited

Consideration of tender offer

1 February 2012

The Board of NB Distressed Debt Investment Fund Limited (the "Company") announces that today, pursuant to the Company's prospectuses dated 5 May 2010 and 23 September 2010, a board meeting was held to consider whether it would be in the best interests of the Company and the Ordinary Shareholders as a whole to implement a tender offer (the "Tender Offer").

The Board has concluded that implementing the Tender Offer would not be in the best interests of the Company and its Shareholders as a whole for the following reasons:

·     At present, the Company's Share Price is trading at a narrow discount to Net Asset Value of -1.92% and, since inception, the Company's Share Price has traded at an average premium to Net Asset Value of 5.32%.  The Board does not believe that the current discount between the Share Price of the Company and its Net Asset Value is of sufficient size to warrant the implementation of the Tender Offer.

·     Since inception, the Investment Manager has been able to assemble a portfolio with the potential to generate strong investment returns.  These investment returns have not yet been reflected in the Company's Net Asset Value due to the nature of distressed debt investments.  The Board believes that it is in the best interests of the Ordinary Shareholders as a whole to maintain continued exposure to these investments rather than to return capital before these investment opportunities have been realised.

The Board continues to monitor the Company's Share Price and its relationship to Net Asset Value, and will take such action that it believes is necessary to minimise the discount to Net Asset Value.

The Company's December quarterly factsheet is expected to be published by the end of February.

Enquiries:

Neuberger Berman Europe Limited:    [phone]

Damian Holland

Anji Stewart

Background Information

The Company is a closed-ended investment company limited by shares registered and incorporated in Guernsey under the Companies Laws on 20 April 2010, with registration number 51774. The Company's primary objective is to provide investors with attractive risk-adjusted returns through long-biased, opportunistic stressed, distressed and special situation credit-related investments while seeking to limit downside risk by, amongst other things, focusing on senior and senior secured debt with both collateral and

structural protection.

The Company is managed by Neuberger Berman Europe Limited ("NBEL"), an indirect wholly-owned subsidiary of the Neuberger Berman Group. The Investment Manager has delegated certain of its responsibilities and functions to the sub-investment manager, Neuberger Berman Fixed Income LLC, also an indirect wholly-owned subsidiary of the Neuberger Berman Group.

This document and the information contained herein is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia or Japan. No recipient may distribute, or make available, this document (directly or indirectly) to any other person. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive this document without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

This document has been prepared by NB Distressed Debt Investment Fund Limited ("NBDDIF") and is the sole responsibility of NBDDIF. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document is accepted and no representation, warranty or undertaking, express or implied, is or will be made by NBDDIF, Neuberger Berman Europe Limited ("NBEL"),Oriel Securities Limited ("Oriel Securities") or RBS Hoare Govett Limited ("RBS Hoare Govett") or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of Neuberger Berman LLC, Neuberger Berman Fixed Income LLC ("NBFI"), Oriel Securities, RBS Hoare Govett nor any of their respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to NBDDIF or as to the truth, accuracy or completeness of this document, or any other written or oral statement provided.

Neuberger Berman Europe Limited is authorised and regulated by the United Kingdom Financial Services Authority and its registered address is at Lansdowne House, 57 Berkeley Square, London, W1J 6ER. Neuberger Berman LLC is a registered Investment Adviser and Broker Dealer and member of the New York Stock Exchange, the Financial Industry Regulation Authority and the Securities Investor Protection Corporation. Neuberger Berman Fixed Income LLC is a US registered Investment Adviser. Neuberger Berman is a registered trademark. All rights reserved. © 2012 Neuberger Berman.

 

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