10/06/2010 The London Stock Exchange welcomes NB Distressed Debt Investment Fund Limited to the Specialist Fund Market
The London Stock Exchange is delighted to welcome NB Distressed Debt Investment Fund Limited
NB Distressed Debt Investment Fund Limited (the “Company”) is a closed-ended investment company incorporated in Guernsey. The Company is managed by Neuberger Berman Europe Limited, an indirect wholly-owned subsidiary of the Neuberger Berman Group.
NB Distressed Debt Investment Fund has raised $197.2 million and unconditional dealings in its ordinary shares will commence trading on the Specialist Fund Market of the London Stock Exchange on 10 June 2010 under the ticker symbol “NBDD”.
The Company intends to invest the IPO proceeds in approximately 40 to 50 holdings diversified across distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets to attempt to limit downside risk. At least one third of the proceeds are expected to be invested in the first one to three months following listing, with the aim to be fully invested in three to nine months.
Robin Monro-Davies, Chairman of the Company, commented:
"We are delighted by the response of international investors to the Company’s IPO. The fact that we were able to raise nearly US$200 million at a time of notable volatility in the global capital markets underlines investor appreciation of the current market opportunity and the company’s investment strategy."
Oriel Securities acted as sole financial adviser, and Oriel Securities and RBS Hoare Govett acted as joint global co-ordinators and bookrunners.