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DNP Select Income Fund Inc. And Duff & Phelps Utility And Corporate Bond Trust Inc. Announce Results Of Tender Offers For Preferred Shares

CHICAGO, June 19, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP), and Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC), two registered closed-end diversified management investment companies advised by Duff & Phelps Investment Management Co. (the "Funds"), have announced the expiration and results of their voluntary tender offers to purchase certain of their preferred shares.  The Funds' tender offers expired on June 18, 2012, at 5:00 p.m. Eastern time.

DNP had offered to purchase for cash shares of its Remarketed Preferred Stock ("RP") and Auction Preferred Stock ("APS") having an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid dividends, fees and expenses), 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.

DUC had offered to purchase for cash its outstanding Auction Market Preferred Shares, Series TH7 ("Series TH7 AMPS") having an aggregate liquidation preference of up to $47,500,000 (excluding accrued and unpaid dividends, fees and expenses), at a price equal to $24,000 per share of Series TH7 AMPS, equal to 96% of the $25,000 liquidation preference per share of Series TH7 AMPS.

Holders of preferred shares accepted for purchase are also entitled to receive any unpaid dividends accrued to, but not including, the settlement date of the tender offers.

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