CHICAGO, May 3, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP), a registered closed-end diversified management investment company (the "Fund") advised by Duff & Phelps Investment Management Co., has announced today that it commenced a voluntary tender offer to purchase for cash shares of its preferred stock, par value $0.001 per share ("Preferred Stock"), having an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid dividends, fees and expenses) (the "Maximum Tender Amount"), consisting of (i) Preferred Stock, designated Remarketed Preferred Stock, Series D ("Series D RP"), (ii) Preferred Stock, designated Remarketed Preferred Stock, Series E ("Series E RP"), (iii) Preferred Stock, designated Auction Preferred Stock, Series TH ("Series TH APS"), and (iv) Preferred Stock, designated Auction Preferred Stock, Series F ("Series F APS" and, together with the Series D RP, the Series E RP and the Series TH APS, the "Preferred Shares").
The Fund's tender offer will expire on June 4, 2012, at 5:00 p.m. Eastern time. If the offer is extended beyond June 4, 2012, another press release will be issued to provide notification of the extension.
The Fund is offering to purchase its outstanding Preferred Shares at a price equal to (a) $96,000 per share of Series D RP, equal to 96% of the $100,000 liquidation preference per share of Series D RP, (b) $96,000 per share of Series E RP, equal to 96% of the $100,000 liquidation preference per share of Series E RP, (c) $24,000 per share of Series TH APS, equal to 96% of the $25,000 liquidation preference per share of Series TH APS, and (d) $24,000 per share of Series F APS, equal to 96% of the $25,000 liquidation preference per share of Series F APS. Holders of Preferred Shares will also be entitled to receive any unpaid dividends accrued to, but not including, the expiration date of the tender offer.
If more Preferred Shares are validly tendered, and not validly withdrawn, for purchase pursuant to the tender offer than the Maximum Tender Amount, the Fund will accept tendered shares on a pro-rata basis upon the terms and subject to the conditions described in the Fund's tender offer materials.
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