CHICAGO, Dec. 8, 2020 /PRNewswire/ -- DTF Tax-Free
Income Inc. (NYSE: DTF) (the "Fund"), a closed-end fund advised by
Duff & Phelps Investment Management Co. (the "Adviser"),
announced today that the Fund has commenced a cash tender offer
(the "Offer") for up to 17.5% of the Fund's outstanding shares of
common stock, par value $0.01 per
share (the "Shares") at a price per Share equal to 98% of the
Fund's net asset value per Share ("NAV") as of the close of the
regular trading session (normally 4:00
p.m. New York City time) on
the New York Stock Exchange on January 8,
2021 (or if the Offer is extended, on the next trading day
after the day to which the Offer is extended). The Fund will
repurchase Shares tendered and accepted in the Offer in exchange
for cash. In the event the Offer is oversubscribed, Shares will be
repurchased on a pro rata basis.
The Offer will expire at 11:59
p.m., New York City time,
on January 7, 2021, unless extended
(the "Expiration Date"). The Fund may extend the period of time the
Offer will be open by issuing a press release or making some other
public announcement by no later than the next business day after
the Offer otherwise would have expired. Tenders of Shares
made pursuant to the Offer may be withdrawn at any time prior to
the Expiration Date.
The terms and conditions of the Offer are described in the Offer
to Purchase dated December 8, 2020
("Offer to Purchase") and the related letter of transmittal that
have been filed with the U.S. Securities and Exchange Commission
("SEC"). Questions regarding the Offer may be directed to AST
Fund Solutions, LLC, the information agent for the Offer, at (888)
628-1041.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell Shares of the Fund and the
above statements are not intended to constitute an offer to
participate in the Offer. The Offer is being made only by the
Fund's Offer to Purchase and related letter of transmittal.
Stockholders of the Fund should read the Offer to Purchase and the
other documents the Fund has filed with the SEC, as they contain
important information about the Offer. These and other filed
documents are available to investors for free both at the website
of the SEC and from the Fund. There can be no assurance that any
Share repurchases will reduce or eliminate the discount of the
Fund's market price per Share to the Fund's NAV.
About the Fund
DTF Tax-Free Income Inc. is a closed-end, diversified management
investment 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.
About the Adviser
The Adviser 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).
The Adviser is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with approximately
$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.
Other Important Information
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on the Fund's
current plans and expectations, and are subject to risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning such risks and uncertainties are contained
in the Fund's filings with the SEC.
For more information about the Fund, please call the Fund's toll
free number at (800) 338-8214 or consult the Fund's website at
www.dpimc.com/dtf. The information contained on the Fund's website
is not part of this press release.
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SOURCE DTF Tax-Free Income Inc.