CHICAGO, Sept. 22, 2021 /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 October 22, 2021,
it will redeem all of its outstanding Floating Rate Mandatory
Redeemable Preferred Shares, Series B (CUSIP No. 26433C3#0).
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 of the Series B Preferred
Shares is being funded by the borrowing of $40 million under the fund's existing credit
facility with a major commercial bank.
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 B
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
B 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 its objective by investing
in equities of domestic and foreign companies in the infrastructure
and utility industries. The fund considers the infrastructure
industry to include companies that derive at least 50% of their
revenue or profits from owning or operating infrastructure assets,
which include toll roads, bridges, tunnels, airports, seaports, and
railroads. The fund considers the utility industry to include
companies that commit or derive at least 50% of their assets, gross
income or profits in the electric, gas, water, telecommunications,
and midstream energy sectors. For more information, please contact
shareholder services by calling (866) 270-7598, by email at
duff@virtus.com, or by visiting the DPG website,
www.dpimc.com/dpg.
About the Investment Adviser
Duff
& Phelps Investment Management Co. is a subsidiary of Virtus
Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager.
Duff & Phelps 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 premium or 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 from
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.