CHICAGO, Nov. 2, 2020 /PRNewswire/ -- The Board of
Directors of DTF Tax-Free Income Inc. (NYSE: DTF), a closed-end
fund advised by Duff & Phelps Investment Management Co., today
announced the successful placement of $65
million of Remarketable Variable Rate MuniFund Term
Preferred Shares (RVMTPs). The Fund will use the proceeds to
conduct an early redemption of $65
million of Variable Rate MuniFund Term Preferred Shares
(VMTPs) that were originally scheduled for redemption on
January 31, 2021. The VMTPs
will be redeemed for 100% of their liquidation preference plus
accrued and unpaid dividends, if any, and the shares will be
redeemed on November 12, 2020.
The RVMTPs have been privately placed with an institutional
shareholder for its own account, and will pay dividends at a
variable rate that is set weekly at a spread to the Securities
Industry and Financial Markets Association (SIFMA) Municipal Swap
Index and will be mandatorily redeemable three years after
issuance. The newly issued RVMTPs, like the redeemed VMTPs, will
provide leverage for the fund's common shareholders.
About the Fund
DTF Tax-Free Income Inc. (NYSE: DTF) is a closed-end diversified
investment management company whose investment objective is current
income exempt from regular federal income tax consistent with
preservation of capital. The fund seeks to achieve its investment
objective by investing in a diversified portfolio of
investment-grade tax-exempt obligations. For more information,
visit www.dtffund.com 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 $116.5 billion under management as of
September 30, 2020. 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 in any jurisdiction where
the offer or sale is not permitted.
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SOURCE DTF Tax-Free Income Inc.