15th Apr 2016 06:47
LONDON (Alliance News) - NB Distressed Debt Investment Fund Ltd, the London-listed distressed debt fund managed by fixed income asset manager Neuberger Berman, on Friday said it will return capital to its shareholders.
In a statement, NB Distressed Debt Investment Fund said it will return USD4.5 million to owners of its ordinary shares through a compulsory partial redemption at USD1.1009 per share.
Another USD11 million will be returned to owners of its extended life shares, through a compulsory partial redemption at USD0.9453 per share.
The company said it received a distribution in the first quarter from the sale of a power plant investment in the northeastern US that was initially announced in late 2015.
"This was a post-reorganised equity investment that was purchased in 2011 with the expectation that the plant would ultimately be sold to a strategic buyer looking to increase its footprint in the region," NB Distressed Debt Investment Fund said.
In addition, the company said it recently received a partial repayment of bank debt from the sale of an infrastructure asset in Australia that secured debt that purchased in 2014.
"This transaction was consistent with our original investment thesis with respect to the buyer and timing but at a lower ultimate sales price," NB Distressed Debt Investment Fund said.
The fund also received a distribution/return of capital from a residential real estate investment in the western US that is selling condo inventory.
"Cash from these investments, current interest income and periodic dividends from private equity investments continue to fund distributions to investors," NB Distressed Debt Investment Fund said.
By Samuel Agini; [email protected]; @samuelagini
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