CHICAGO, March 20, 2020 /PRNewswire/ -- Duff &
Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG), a
closed-end fund advised by Duff & Phelps Investment Management
Co., today announced that on April 20,
2020 it will redeem all of its outstanding Floating Rate
Mandatory Redeemable Preferred Shares, Series A (CUSIP No.
26433C2#1).
The fund is making this redemption at this time at its voluntary
option and as part of what it believes is prudent management of its
use of leverage. The redemption price per share will be the
liquidation preference of $25.00 plus
accumulated but unpaid dividends and distributions up to, but
excluding, the redemption date. Effective upon the redemption, the
Series A Preferred Shares will no longer be deemed outstanding,
dividends will cease to accumulate, and all the rights of the
shareholders with respect to the Series A Preferred Shares will
cease.
About the Fund
Duff & Phelps Utility and
Infrastructure Fund Inc. is a closed-end investment management
company whose investment objective is to seek total return,
resulting primarily from (i) a high level of current income, with
an emphasis on providing tax-advantaged dividend income and (ii)
growth in current income, and secondarily from capital
appreciation. The fund seeks to achieve these objectives by
investing in equities of domestic and foreign utility companies in
the electric, gas, water, telecommunications, and midstream energy
sectors. For more information, please contact shareholder services
at (866) 270-7598, by email at duff@virtus.com, or visit the
DPG website, www.dpimc.com/dpg.
About the Investment Adviser
Duff & Phelps
Investment Management Co., the investment adviser of the fund, has
more than 35 years of experience managing investment portfolios,
including institutional separate accounts and open- and closed-end
funds investing in utilities, infrastructure, MLPs and real estate
investment trusts (REITs). For more information, visit
www.dpimc.com.
Fund Risks
An investment in a fund is subject to risk,
including the risk of possible loss of principal. A fund's shares
may be worth less upon their sale than what an investor paid for
them. Shares of closed-end funds may trade at a discount to their
net asset value. For more information about the fund's investment
objective and risks, please see the fund's annual report. A copy of
the fund's most recent annual report may be obtained free of charge
shareholder services at (866) 270-7598, by email at
duff@virtus.com, or visit the DPG website, www.dpimc.com/dpg.
Forward-Looking Information
This press release
contains statements that are, or may be considered to be,
forward-looking statements. All statements that are not historical
facts, including statements about beliefs or expectations, are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements may be
identified by such forward-looking terminology as "expect,"
"estimate," "plan," "intend," "believe," "anticipate," "may,"
"will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the fund
undertakes no obligation to update or review any forward-looking
statements. The fund can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
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SOURCE Duff & Phelps Utility and Infrastructure Fund
Inc.