, Feb. 19, 2014 /PRNewswire/ -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced the successful placement of
of Floating Rate Mandatory Redeemable Preferred Shares (MRPS). The fund will use the proceeds to (1) redeem all 780 outstanding shares of its Series D Remarketed Preferred Stock, liquidation preference
per share (CUSIP: 23325P500), an aggregate of
, and (2) redeem all 602 outstanding shares of its Series E Remarketed Preferred Stock, liquidation preference
per share (CUSIP: 23325P609), an aggregate of
. The preferred shares will be redeemed for 100% of their liquidation preference plus accrued and unpaid dividends. The Series D shares will be redeemed
March 12, 2014
and the Series E shares will be redeemed
, 2014. The fund will use the remaining proceeds from the MRPS placement to repay
principal outstanding under its credit facility.
The MRPS have been privately placed with institutional shareholders and will pay dividends at a variable rate that is set quarterly at a spread to LIBOR. The MRPS were issued in three series that are mandatorily redeemable five, seven and ten years after issuance. The newly issued MRPS, like the redeemed Remarketed Preferred Stock, will provide leverage for the fund's common shareholders.
About the Fund
DNP Select Income Fund Inc. (NYSE: DNP) is a closed-end diversified investment management company whose investment objective is current income and long-term growth of income, with capital appreciation as a secondary objective. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, visit
or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with
under management as of
, 2013. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at
This communication is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.