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NB Global Corporate Income Trust (ASX: NBI) Entitlement and Shortfall Offer

January 21, 2020 GMT

SYDNEY--(BUSINESS WIRE)--Jan 20, 2020--

Global investment manager Neuberger Berman today announced an offer of new Units in the NB Global Corporate Income Trust (ASX: NBI). The offer of new Units will comprise of an Entitlement Offer and a Shortfall Offer with the maximum potential raise being approximately $749 million.

The offer period will commence on 29 January 2019. The joint lead managers of the offer are Bell Potter, E&P, Morgans, NAB, and Ord Minnett, and the co-manager is Canaccord Genuity Financial.

“We are delighted to again offer existing unit holders and new investors the opportunity to gain exposure to the global high yield corporate bond market,” said Matt Thompson, Head of Intermediary Distribution for Neuberger Berman.

“Given the current low interest rate environment, we believe the Trust’s objective to deliver consistent and stable income via monthly distributions makes it an attractive investment option for Australian investors seeking a higher yielding and globally diversified income solution.” added Mr. Thompson.

From its inception to the end of December 2019, NBI has achieved an annualised total return of 8.43% 1 and, for the financial year ended 30 June 2019, paid an annualised distribution of 6.24% 2 (net of fees and expenses).

For the current financial year to the end of December 2019, NBI has paid distributions totaling 5.39 cents per Unit, which represents an annualised distribution of 5.25% (net of fees and expenses) and is in line with NBI’s Target Distribution 3.

Neuberger Berman has committed to paying for all the upfront fees and costs of the Offer. Australia’s leading specialist corporate fiduciary, Equity Trustees, is the Responsible Entity and issuer of the Trust.

The Entitlement Offer for Eligible Unitholders and the Shortfall Offer for new investors closes at 5:00pm (AEDT) on 21 February 2020.

Details of the Offer:

Trust

NB Global Corporate Income Trust

ASX Code

NBI

Entitlement Offer ratio

3 New Units for every 4 existing Units

Offer Price 4

$2.05

Maximum number of New Units that may be issued under the
Entitlement Offer

334,089,462

Maximum gross proceeds from the Entitlement Offer 5

Up to $684,883,397 at the Offer Price

 

Key Dates:

Offer opens

29 January 2020

Entitlement Offer Closing Date (5.00 pm AEDT)

21 February 2020

Shortfall Offer Closing Date (5.00 pm AEDT)

21 February 2020

New Units under Entitlement Offer quoted on a deferred settlement basis

24 February 2020

Results of the Offer announced

26 February 2020

Entitlement Offer Issue Date

2 March 2020

Normal trading of New Units and Additional New Units under
Entitlement Offer expected to commence on the ASX

3 March 2020

Shortfall Offer Issue Date

9 March 2020

Normal trading of New Units issued under Shortfall Offer
expected to commence on the ASX

10 March 2020

 

To participate in the Offer

The Offer is being made under the Trust’s product disclosure statement that was lodged with ASIC on 21 January 2020 ( 2020 PDS ) and is available on the Trust’s website at http://www.nb.com/nbi. Investors should review the 2020 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 2020 PDS.

Applications under the Shortfall - General Offer can be made by completing the application form attached to the 2020 PDS. Applicants under the Shortfall – Broker Firm Offer should contact their broker for application details.

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, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s diverse team has 2,200 professionals. For six 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). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages US$356 billion in client assets as of December 31, 2019. For more information, please visit our website at www.nb.com.

About Equity Trustees

Equity Trustees Limited (“ Equity Trustees ”) (ABN 46 004 031 298, AFSL 240975), is the Responsible Entity for the NB Global Corporate Income Trust (“ NBI ”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This release has been prepared by Neuberger Berman Australia Ltd (ABN 90 146 033 801) (“ Neuberger Berman ”) to provide you with general information only. In preparing this release, Neuberger Berman did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this release. Neither Neuberger Berman, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of NBI’s latest Product Disclosure Statement from its website ( www.nb.com/nbi ) before making a decision about whether to invest in NBI. The information contained in this release is taken from publicly available sources that is subject to change without notice. EQT and Neuberger Berman make no representation as to the reliability or accuracy of the publicly available information.

For more information about NBI, please visit www.nb.com/nbi.

Notes:

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200120005547/en/

CONTACT: Arthur Chan

WE Communications

WE-AUNeuberger@we-worldwide.com

T: 02 9237 2805

KEYWORD: AUSTRALIA/OCEANIA AUSTRALIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Neuberger Berman

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PUB: 01/20/2020 07:03 PM/DISC: 01/20/2020 07:03 PM

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