Neuberger Berman to pay upcoming convertible put in cash

New York, April 11 - Neuberger Berman Inc. said it will pay the upcoming put of its Liquid Yield Option Notes due 2021 in cash.

The New York investment advisor said it has enough available cash to buy all the outstanding notes if 100% are tendered.

The notes are putable on May 4 at a price of $867.42 per $1,000 principal amount. Holders must tender the LYONs by 5.00 p.m. ET on May 3.

Neuberger Berman issued $175 million principal amount, $150.67 million proceeds of the convertibles in May 2001.

The securities are convertible into 13.8879 shares of common stock, subject to the stock price passing a threshold. The company's stock closed at $45.67, down $1.45 Thursday.

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