CHICAGO, Jan. 29, 2019 /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 issuance of an additional series of
Mandatory Redeemable Preferred Shares (MRPS). The Fund raised
$132 million through the private
placement of Series E MRPS with institutional investors. The
proceeds will be used to redeem all $132
million of the Fund's outstanding Series A MRPS.
The Series E MRPS will pay quarterly dividends at a fixed rate
of 4.63% and are mandatorily redeemable on April 1, 2027. The Series E MRPS join the
Fund's outstanding Series B, C and D MRPS. The MRPS, along
with the Fund's secured notes and committed credit facility,
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 www.dpimc.com/dnp or call (800)
338-8214.
About the Investment Adviser
Duff & Phelps
Investment Management Co. has more than 40 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 www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with approximately
$92 billion under management as of
December 31, 2018. 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
www.virtus.com.
View original
content:http://www.prnewswire.com/news-releases/dnp-select-income-fund-announces-placement-of-preferred-shares-series-e-and-redemption-of-series-a-300786191.html
SOURCE DNP Select Income Fund Inc.