NB Global Corporate Income Trust – Offer Surpasses $360m

Global investment manager Neuberger Berman today announced that subscriptions for the Initial Public Offering (the “Offer) for the NB Global Corporate Income Trust (the “Trust”) have exceeded $360 million since the Offer opened 2 weeks ago.

The Trust, which will be targeting a net distribution of 5.25% per annum, paid monthly, with the aim of delivering consistent monthly income (“Target Distribution”), has struck a strong chord with Australian investors looking for a global and diversified source of income for their portfolios.

The Trust will invest in the high yield bonds of large and liquid companies around the world. Its well-diversified portfolio will consist of around 300 large, global companies, with a strong emphasis on capital preservation.

Neuberger Berman has committed to paying for all the upfront fees and costs of the Offer.

Following the close of the General Offer on 7 September, 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, is offering up to 250 million new units in the Trust at $2.00 per share, to raise $500 million, with the discretion to accept over subscriptions. The minimum subscription is $150 million.

To participate in the Offer

The Offer is being made under the Trust’s product disclosure statement that was lodged with ASIC on 6 August 2018 (PDS) and is 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.

Applications under the General Offer can be made by completing the application form attached to the PDS or online through the application form accompanying the electronic PDS. Applicants under the broker firm Offer should contact their broker for application details.

The Lead Arrangers and Joint Lead Managers for the Offer are NAB, Evans Dixon, Morgans and Ord Minnett.

Key Dates:

Offer Open 20 August 2018
Broker firm Offer close 31 August 2018
General Offer close 7 September 2018
Expected holding statement dispatch 19 September 2018
Expected ASX listing 26 September 2018

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.

Contacts:

WE Buchan
Arthur Chan, 02 9237 2805
neuberger@we-buchan.com

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