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NB debt trust plans another C share issue
by Sarah Miloudi on Aug 28, 2013 at 09:51
The board of NB Global Floating Rate Income is proposing to launch another C share issue.
The trust raised more than £360 million earlier this year, also via a C share, and told investors it plans to launch a further issue to meet demand from shareholders.
NB Global Floating Rate Income was launched in April 2011 and since then its sterling share class has amassed £882 million in assets, while its US dollar shares have attracted £36 million.
Both share classes are trading on a premium to net asset value, though the trust's board was tight-lipped over how much it planned to raise, and the proposed C share issue's likely impact on its premium.
'In response to demand from investors and in light of the continued attractive investment environment currently being seen in the senior secured bank loan market, the board of NB Global Floating Rate Income fund is considering raising additional capital through an issue of C shares.
'Any fund raise will be subject to market conditions,' the board said.
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on Dec 06, 2013 at 14:28