CHICAGO, Jan. 8, 2016 /PRNewswire/ -- DTF Tax-Free Income Inc. (NYSE: DTF), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced that the sole institutional holder of the Series 2018 Variable Rate MuniFund Term Preferred Shares (VMTPs) issued by the Fund in 2013 has transferred those shares back to the Fund in exchange for newly issued Series 2021 VMTPs. The effect of the privately negotiated exchange is to extend the mandatory redemption date of the VMTPs from August 21, 2018 to January 31, 2021. The VMTPs continue to pay dividends at a variable rate that is set weekly at a spread to the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. The VMTPs provide leverage for the benefit of the Fund's common shareholders.
About the Fund DTF Tax-Free Income Inc. (NYSE: DTF) is a closed-end diversified investment management company whose investment objective is current income exempt from regular federal income tax consistent with preservation of capital. The fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. For more information, visit www.dtffund.com or call (800) 338-8214.
About the Investment Adviser Duff & Phelps Investment Management Co. has more than 35 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). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $47.9 billion under management as of September 30, 2015. 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. Additional information can be found at www.virtus.com.
This communication is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.
SOURCE DTF Tax-Free Income Inc.