CHICAGO, May 3, 2012 /PRNewswire/ -- Duff &
Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC), a
registered closed-end diversified management investment company
(the "Fund") advised by Duff & Phelps Investment Management
Co., has announced today that it commenced a voluntary tender offer
to purchase for cash Auction Market Preferred Shares, Series TH7,
par value $0.01 per share, of the
Fund ("Series TH7 AMPS" or the "Preferred Shares"), having an
aggregate liquidation preference of up to $47,500,000 (excluding accrued and unpaid
dividends, fees and expenses) (the "Maximum Tender
Amount").
The Fund's tender offer will expire on June 4, 2012, at 5:00 p.m.
Eastern time. If the offer is extended beyond
June 4, 2012, another press release
will be issued to provide notification of the
extension.
The Fund is offering to purchase its outstanding Preferred
Shares at a price equal to $24,000
per share of Series TH7 AMPS, equal to 96% of the $25,000 liquidation preference per share of
Series TH7 AMPS. Holders of Preferred Shares will also be
entitled to receive any unpaid dividends accrued to, but not
including, the expiration date of the tender offer.
If more Preferred Shares are validly tendered, and not validly
withdrawn, for purchase pursuant to the tender offer than the
Maximum Tender Amount, the Fund will accept tendered shares on a
pro-rata basis upon the terms and subject to the conditions
described in the Fund's tender offer materials.
Additional terms and conditions of the tender offers are set
forth in the Fund's tender offer materials, which will be
distributed to holders of Preferred Shares.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal and other documents, which have been filed
with the Securities and Exchange Commission (SEC) as exhibits to a
tender offer statement on Schedule TO and are available free of
charge at the SEC's website at www.sec.gov and on the Fund's
website at www.ducfund.com (click on Tender Offer). Holders of
Preferred Shares should read the Fund's offer to purchase and
tender offer statement on Schedule TO and related exhibits as the
documents contain important information about the Fund's tender
offer. The Fund will also make available, without charge, the offer
to purchase and the letters of transmittal.
Any questions about the tender offers can be directed to AST
Fund Solutions, LLC, the Fund's information agent for its tender
offer, at (212) 400-2605.
Duff & Phelps Utility and Corporate Bond Trust Inc. is a
registered closed-end diversified management investment 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.ducfund.com or call (800) 338-8214.
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), a multi-boutique asset manager with $34.6 billion under management as of December 31, 2011. 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.
The information in this communication is not complete and may be
changed.
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These
include, but are not limited to: market developments; legal and
regulatory developments; and other additional risks and
uncertainties. As a result, neither the Fund nor any other
person assumes responsibility for the accuracy and completeness of
such statements in the future.
SOURCE Duff & Phelps Utility and Corporate Bond Trust
Inc.