CHICAGO, Jan. 8, 2021 /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 the preliminary results for its issuer tender offer
(the "Offer") for up to 17.5% of the outstanding shares of common
stock, par value $0.01 per share
("Shares") of the Fund at a price equal to 98% of the Fund's net
asset value per Share ("NAV") as determined as of the close of the
regular trading session of the New York Stock Exchange on
January 8, 2021. The Fund's offer
expired on Thursday, January 7, 2021
at 11:59 p.m., New York City time.
Based on current information, approximately 4,335,961 Shares
were duly tendered and not withdrawn. Because the number of Shares
tendered exceeds 1,491,119 Shares, the Offer is oversubscribed.
Therefore, in accordance with the terms and conditions specified in
the Offer, as described in the Offer to Purchase, dated
December 8, 2020, and the related
letter of transmittal, the Fund will purchase Shares from all
tendering stockholders on a pro rata basis, disregarding
fractions. Payment for such Shares will be made on or about
January 11, 2021. The purchase price
per share of properly tendered Shares will be equal to 98% of the
NAV as of the close of the regular trading session of the New York
Stock Exchange on January 8,
2021. The Fund expects to announce the purchase price per
share and the proration factor for the Offer by press release on
January 11, 2021. Shares that
were not tendered will remain outstanding.
Any questions about the Offer can be directed to AST Fund
Solutions, LLC, the information agent for the Offer, at (888)
628-1041.
About the Fund
DTF Tax-Free Income Inc. 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.
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.
Data and commentary provided in this press release are for
informational purposes only.
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.