UNQUOTE

NB's debt fund to raise $150m in LSE float

  • Gail Mwamba
  • LinkedIn  
  • Google plus  

Neuberger Berman has set out plans to float its NB Distressed Debt Investment Fund on the London stock Exchange's Specialist Fund Market in a bid to raise over $150m for investments in distressed debt.

The fund will target 40 to 50 distressed, stressed and special situations investments, with a focus on senior debt backed by tangible assets that offer value through restructuring. The fund managers will also concentrate on companies with low implied enterprise value multiples that offer a discount to current comparable market valuations.  The fund will also participate in loan origination.

NB's fund is targeting returns of 20%, with the portfolio limited to 5% per issuer and 20% per industry market. The fund will have an investment period of three years and expects about one-third of the fund to be invested in the first three months of listing.

Oriel Securities has been appointed financial adviser of the issuance, and is also acting as joint book runner with RBS Hoare Govett.

 

 

  • LinkedIn  
  • Google plus  

More on Industry

Latest News