CHICAGO, Sept. 24, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP) (the "Fund") announces the completion of its transferable rights offering (the "Offer") which raised approximately $246 million of gross proceeds. The record date of the Offer was August 23, 2012 ("Record Date") and the Offer expired on September 21, 2012 (the "Expiration Date"). Shareholders of record received one right for each outstanding share of common stock ("Common Share") owned as of 5:00 p.m. Eastern time on the Record Date. The rights entitled holders to purchase one new Common Share of the Fund for every eight rights held (1-for-8). The subscription price was $9.57 per Common Share and was determined based upon a formula equal to 112% of the Fund's net asset value per Common Share at the close of trading on the Expiration Date. The Offer was 84% subscribed. Common Shares will be issued promptly after completion of shareholder payments expected on or about Friday, September 28, 2012.
About the Fund: DNP Select Income Fund Inc. is a registered closed-end diversified management investment 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 industries. For more information, visit www.dnpselectincome.com or call (800) 864-0629.
Duff & Phelps Investment Management Co. has more than 28 years of experience managing investment portfolios including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investments trusts (REITs).
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. This information, including other information about the Fund, can be found on file with the Securities and Exchange Commission and should be read carefully before investing.
This communication is not an offer to sell Common Shares and is not soliciting an offer to buy Common Shares in any state where the offer or sale is not permitted.
SOURCE DNP Select Income Fund Inc.