Update on Preferred Stock Refinancing for Duff & Phelps Utility and Corporate Bond Trust Inc.
02 7월 2008 - 8:07AM
Business Wire
In the ongoing effort to find a solution that is in the best
interests of both common and preferred shareholders, management of
Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE:DUC)
continues to pursue discussions with a commercial bank for a credit
facility that would provide liquidity for the DUC fund to redeem
some or all of its auction market preferred shares. However, both
the timing and amount of any bank financing and share redemption
are highly uncertain and will depend on a variety of factors,
including challenging financial market conditions and regulatory,
market and economic factors. Management cannot be certain that the
DUC fund will be able to refinance all or any specified portion of
its preferred stock, that credit facilities or other mechanisms can
be entered into on terms acceptable to the Fund or that the DUC
fund will be able to effectuate a preferred stock redemption within
any specified time frame. Moreover, there can be no assurance that
any alternative forms of leverage used to refinance the DUC fund�s
leverage will not become prohibitively expensive or unavailable in
the future. For more information, visit the investment company�s
website at www.phoenixinvestments.com or call the Fund at (800)
338-8214.
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