In the news release, DNP Select Income Fund Announces Placement
of Preferred Shares Series E and Redemption of Series A, issued
29-Jan-2019 by DNP Select Income Fund
Inc. over PR Newswire, we are advised by the company that a line
should appear at the end of the text that reads: "This
communication is not an offer to sell securities and is not
soliciting an offer to buy securities." The complete, corrected
release follows:
DNP Select Income Fund Announces Placement of Preferred Shares
Series E and Redemption of Series A
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.
This communication is not an offer to sell securities and is
not soliciting an offer to buy securities.
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SOURCE DNP Select Income Fund Inc.