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

Nachrichtenquelle: Business Wire (engl.)
21.01.2020, 01:03  |  146   |   |   

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 Distribution3.

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 Price4

$2.05

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

334,089,462

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