NEW YORK, July 31, 2013 /PRNewswire/ --Neuberger Berman MLP Income Fund Inc. (NYSE MKT: NML) (the "Fund"), a newly organized closed-end fund, announced today the declaration of three monthly distributions of $0.105 per share of common stock. The record, ex-date and payment dates for each distribution are below:
Month | Ex- Date | Record Date | Payable Date | Amount per Share |
August | August 13, 2013 | August 15, 2013 | August 30, 2013 | $0.105 |
September | September 12, 2013 | September 16, 2013 | September 30, 2013 | $0.105 |
October | October 11, 2013 | October 15, 2013 | October 31, 2013 | $0.105 |
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The Fund currently intends to make regular monthly cash distributions to holders of its common stock at a fixed rate per share, to be determined based on the projected net rate of return of the Fund's investments, subject to adjustment from time to time. The Fund currently intends to pay its regular monthly distributions out of its distributable cash flow, which generally consists of (1) cash and paid-in-kind distributions from MLPs or their affiliates, dividends from common stocks, interest from debt instruments and income from other investments held by NML less (2) current or accrued operating expenses, including leverage costs, if any, and taxes on its taxable income.
The Fund expects that a portion of its distributions to stockholders will constitute a non-taxable return of capital. A "return of capital" is a distribution by the Fund that exceeds the Fund's current and accumulated earnings and profits and which represents a return of a common stockholder's original investment, and should not be confused with a dividend. To the extent the Fund pays a return of capital,a common stockholder's basisin Fund shares will be reduced, whichwill increase a capital gain or reduce a capital loss upon sale of those shares.There is no assurance that the Fund will always be able to pay distributions of a particular size, or that a distribution will consist solely of the Fund's current and accumulated earnings and profits.
In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of income. The notice would be for informational purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of return of capital.
The Fund is subject to federal income tax on its taxable income, unlike most investment companies. Any taxes paid by the Fund will reduce the amount available to pay distributions to stockholders, and therefore investors in the Fund will likely receive lower distributions than if they invested directly in MLPs.
About Neuberger Berman
Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,800 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $214 billion in assets under management as of June 30, 2013. For more information, please visit our website at www.nb.com.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. An investor should carefully read the Fund's prospectus, which includes a discussion of investment objectives, risk factors, fees and expenses, before investing. A copy of the final prospectus relating to the offering may be obtained from the Fund at 877.628.2583, or contact your financial advisor.
Certain statements in this press release which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are the ability to successfully use leverage and the possibility that costs associated with the leverage are higher than expected. As a result, no assurance can be given as to future results, levels of activity, including the level of leverage, performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
Contact:
Neuberger Berman Management LLC
Investor Information
(877) 461-1899
SOURCE Neuberger Berman
