Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Neuberger Berman Investment Advisers LLC with respect to Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the “Fund”).
Under the terms of the agreement, the Fund will commence a cash tender offer for up to 25% of the Fund’s outstanding shares of common stock at a price per share equal to 96.0% of the Fund’s net asset value (“NAV”) per share. The tender offer will expire no later than December 31, 2020. The Fund will repurchase shares tendered and accepted in the tender offer in exchange for cash.
“We believe this agreement is in the best interests of all shareholders by allowing them the opportunity to tender their shares at a price close to the Fund’s NAV,” said Pierre Weinstein, Partner of Saba. “The tender will benefit both the Fund’s tendering and non-tendering shareholders, as the tender price will be accretive to the NAV of the Fund’s remaining shareholders.”
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge and Closed-End Funds.