DNP Select Income Fund Inc. to Pay in Full Its Series A Senior Secured Notes
July 21 2023 - 5:00PM
Business Wire
DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund
advised by Duff & Phelps Investment Management Co., announced
today that the Fund will pay its 2.76% Series A Senior Secured
Notes due July 22, 2023 (“Series A Senior Notes”) in full at
maturity.
Since the scheduled maturity date falls on a non-business day,
the Fund will pay the $100 million in principal of its Series A
Senior Notes (CUSIP 23325PA*5) on July 24, 2023. The payment will
also include regular semi-annual interest due at maturity plus the
additional interest incurred from the payment being made on the
next succeeding business day.
The payoff of the Series A Senior Notes is being funded by the
borrowing of an additional $100 million under the Fund’s existing
credit facility with a major commercial bank. The Fund’s expanded
credit facility, along with the Fund’s remaining Senior Notes and
Mandatory Redeemable Preferred Shares, all provide leverage for the
benefit of the Fund’s common shareholders.
About the Fund
DNP Select Income Fund Inc. is a closed-end diversified
investment management company whose primary investment objectives
are current income and long-term growth of income. The fund seeks
to achieve these objectives by investing primarily in a diversified
portfolio of equity and fixed income securities of companies in the
public utilities industry. For more information, please visit
dpimc.com/dnp or call (800) 864-0629.
About the Investment Adviser
Duff & Phelps Investment Management Co,. an affiliated
manager of Virtus Investment Partners, Inc., began in 1932 as a
fundamental research firm and has been managing assets since 1979.
The firm seeks to provide specialty investment strategies that
enhance client outcomes through active portfolio management and
customized solutions, utilizing a process with values that include
quality, reliability, and specialization. Investment strategies
include U.S. and global real estate securities, global listed
infrastructure, energy infrastructure, water, and clean energy.
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Dianna P. Wengler, Clayton J. Minor or Timothy P. Riordan, (833)
604-3163
DNP Select Income (NYSE:DNP)
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