CHICAGO, Jan. 29, 2019 /PRNewswire/ -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced the issuance of an additional series of Mandatory Redeemable Preferred Shares (MRPS). The Fund raised $132 million through the private placement of Series E MRPS with institutional investors. The proceeds will be used to redeem all $132 million of the Fund's outstanding Series A MRPS.
The Series E MRPS will pay quarterly dividends at a fixed rate of 4.63% and are mandatorily redeemable on April 1, 2027. The Series E MRPS join the Fund's outstanding Series B, C and D MRPS. The MRPS, along with the Fund's secured notes and committed credit facility, provide leverage for the Fund's common shareholders.
About the Fund
DNP Select Income Fund Inc. (NYSE: DNP) is a closed-end diversified investment management company whose investment objective is current income and long-term growth of income, with capital appreciation as a secondary objective. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, visit www.dpimc.com/dnp or call (800) 338-8214.
About the Investment Adviser
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). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with approximately $92 billion under management as of December 31, 2018. 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.
SOURCE DNP Select Income Fund Inc.