{"id":469177,"date":"2021-03-31T17:03:33","date_gmt":"2021-03-31T21:03:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469177"},"modified":"2021-03-31T17:03:33","modified_gmt":"2021-03-31T21:03:33","slug":"dnp-select-income-fund-inc-will-redeem-mandatory-redeemable-preferred-shares-series-b-and-series-d","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dnp-select-income-fund-inc-will-redeem-mandatory-redeemable-preferred-shares-series-b-and-series-d\/","title":{"rendered":"DNP Select Income Fund Inc. Will Redeem Mandatory Redeemable Preferred Shares Series B and Series D"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n CHICAGO<\/span>, March 31, 2021<\/span> \/PRNewswire\/ — DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., announced today that the Fund will redeem two series of its Floating Rate Mandatory Redeemable Preferred Shares, liquidation preference $100,000<\/span> per share (“MRP Shares”), on their mandatory redemption date of April 1, 2021<\/span>.<\/p>\n

The Fund will redeem all 600 of the outstanding Series B MRP Shares (CUSIP\u00a023325P3#9) for an aggregate price of $60 million<\/span> and all 330 of the outstanding Series D MRP Shares (CUSIP 23325P5#7) for an aggregate price of $33 million<\/span>.\u00a0 The Series B and Series D MRP Shares will be redeemed for 100% of their liquidation preference. There are no accrued and unpaid dividends because the redemptions are occurring on the final dividend payment date.<\/p>\n

The redemption of the Series B and Series D MRP Shares is being funded by the borrowing of $93 million<\/span> under the Fund’s existing credit facility with a major commercial bank.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

\n About the Fund<\/b>\n <\/p>\n

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 www.dpimc.com\/dnp<\/a> or call (800) 864-0629.<\/p>\n

\n About the Investment Adviser<\/b>\n <\/p>\n

Duff & Phelps Investment Management Co. 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).\u00a0 For more information, visit www.dpimc.com<\/a>.<\/p>\n

Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with approximately $166.6 billion<\/span> under management as of February 28<\/span>, 2021.\u00a0 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.\u00a0 Additional information can be found at www.virtus.com<\/a>. <\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/dnp-select-income-fund-inc-will-redeem-mandatory-redeemable-preferred-shares-series-b-and-series-d-301260057.html<\/a><\/p>\n

SOURCE DNP Select Income Fund Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire CHICAGO, March 31, 2021 \/PRNewswire\/ — DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., announced today that the Fund will redeem two series of its Floating Rate Mandatory Redeemable Preferred Shares, liquidation preference $100,000 per share (“MRP Shares”), on their mandatory redemption date of April 1, 2021. The Fund will redeem all 600 of the outstanding Series B MRP Shares (CUSIP\u00a023325P3#9) for an aggregate price of $60 million and all 330 of the outstanding Series D MRP Shares (CUSIP 23325P5#7) for an aggregate price of $33 million.\u00a0 The Series B and Series D MRP Shares will be redeemed for 100% of their liquidation preference. There are no accrued … <\/p>\n

Continue reading “DNP Select Income Fund Inc. Will Redeem Mandatory Redeemable Preferred Shares Series B and Series D”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469177","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDNP Select Income Fund Inc. 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(NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., announced today that the Fund will redeem two series of its Floating Rate Mandatory Redeemable Preferred Shares, liquidation preference $100,000 per share (“MRP Shares”), on their mandatory redemption date of April 1, 2021. The Fund will redeem all 600 of the outstanding Series B MRP Shares (CUSIP\u00a023325P3#9) for an aggregate price of $60 million and all 330 of the outstanding Series D MRP Shares (CUSIP 23325P5#7) for an aggregate price of $33 million.\u00a0 The Series B and Series D MRP Shares will be redeemed for 100% of their liquidation preference. There are no accrued … Continue reading "DNP Select Income Fund Inc. 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