Neuberger Berman funds redeem auction market preferred shares

By Susanna Moon

Chicago, July 2 – Neuberger Berman said two of its funds redeemed their auction market preferred shares with proceeds of new variable-rate municipal term preferred shares.

The Neuberger Berman Intermediate Municipal Fund Inc. redeemed its series A and B auction market preferred shares on July 2.

The Neuberger Berman California Intermediate Municipal Fund Inc. redeemed its series A and B shares on July 1.

The Neuberger Berman New York Intermediate Municipal Fund Inc. will redeem its series A shares on July 7 and series B shares on July 3.

The liquidation preference is $25,000 per share.

The redemptions and new issue were announced on June 25.

The variable-rate municipal term preferreds were issued via private placement, according to a company press release.

The preferreds issued by the funds have a mandatory term redemption date in five years and pay distributions set to a fixed spread against a short-term municipal index, the Securities Industry and Financial Markets Association’s Municipal Swap Index.

Neuberger Berman Group LLC is an asset management company based in New York.

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