Two Closed-End Funds Advised by Duff & Phelps Investment Management Will Redeem Series of Preferred Stock
16 3월 2009 - 9:00PM
Business Wire
Two closed-end funds advised by Duff & Phelps Investment
Management Co. announced today that each of them will redeem a
series of its preferred securities as part of their stated intent
to retire all preferred stock of the funds.
Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE:
DUC), will redeem all 3,800 outstanding shares of its Auction
Market Preferred Shares, Series T7, liquidation preference $25,000
per share. (CUSIP: 26432K207). The shares will be redeemed on March
25, 2009.
DNP Select Income Fund Inc. (NYSE: DNP) will redeem all 4,000
outstanding shares of its Auction Preferred Stock, Series T,
liquidation preference $25,000 per share (CUSIP: 23325P864). The
shares will be redeemed on March 25, 2009.
Redemption of the shares, which was approved by the funds�
boards, was financed by previously announced credit facilities that
are intended to ultimately finance redemptions of up to $900
million of DNP preferred shares and up to $190 million of DUC
preferred shares. Management anticipates that the funds will retire
additional shares of preferred stock during the second quarter of
2009, although there is no assurance as to the amount or timing of
additional redemptions. The funds will announce any subsequent
redemptions through press releases and postings to the firm�s
website.
Moody's Investors Service and Standard & Poor's recently
re-affirmed the �Aaa� and "AAA" credit ratings assigned to all
series of preferred shares issued by both funds in connection with
Duff & Phelps� intention to redeem the funds� outstanding
preferred stock.
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, visit
www.dnpselectincome.com or call (800) 864-0629.
Duff & Phelps Utility and Corporate Bond Trust Inc. is a
closed-end diversified investment management company whose primary
investment objective is high current income consistent with
investing in securities of investment grade quality. The fund seeks
to achieve its objectives by investing substantially all of its
assets in a diversified portfolio of utility income securities,
corporate income securities, mortgage-backed securities and
asset-backed securities. For more information, visit www.dpimc.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 investment
trusts (REITs). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), an asset management company with $24.4 billion
under management (as of November 30, 2008). 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.
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