CHICAGO, June 4, 2012 /PRNewswire/ -- DNP Select
Income Fund Inc. (NYSE: DNP) and Duff & Phelps Utility and
Corporate Bond Trust Inc. (NYSE: DUC), two registered closed-end
diversified management investment companies advised by Duff &
Phelps Investment Management Co. (the "Funds"), announced today the
extension of their offers to purchase certain of their preferred
shares. The offers which were set to expire on June 4, 2012 at 5:00 p.m.
Eastern time, have now been extended and will expire at
5:00 p.m. Eastern time on
Monday, June 18, 2012.
DNP is offering to purchase for cash shares of its Remarketed
Preferred Stock ("RP") and Auction Preferred Stock ("APS") having
an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid
dividends, fees and expenses) (the "Maximum Tender Amount" for
DNP), at a price equal to (a) $96,000
per share of Series D RP, equal to 96% of the $100,000 liquidation preference per share of
Series D RP, (b) $96,000 per share of
Series E RP, equal to 96% of the $100,000 liquidation preference per share of
Series E RP, (c) $24,000 per share of Series TH APS, equal to
96% of the $25,000 liquidation preference per share of Series TH
APS, and (d) $24,000 per share of Series F APS, equal to 96% of the
$25,000 liquidation preference per share of Series F APS.
DUC is offering to purchase for cash its outstanding Auction
Market Preferred Shares, Series TH7 ("Series TH7 AMPS") having an
aggregate liquidation preference of up to $47,500,000 (excluding accrued and unpaid
dividends, fees and expenses) (the "Maximum Tender Amount" for
DUC), 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 that are accepted for purchase will
also be entitled to receive any unpaid dividends accrued to, but
not including, the expiration date of the tender offers. If more
preferred shares of a Fund are validly tendered, and not validly
withdrawn, for purchase pursuant to the tender offers than the
Maximum Tender Amount for that Fund, 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.
As of 1:00 p.m. Eastern time on
June 4, 2012, the DNP preferred
shares tendered represented approximately $62,650,000 in aggregate liquidation preference
(consisting of 218 shares of Series D RP, 398 shares of Series E
RP, 8 shares of Series TH APS and 34 shares of Series F APS) and
the DUC preferred shares tendered represented approximately
$5,300,000 in aggregate liquidation
preference (consisting of 212 shares of Series TH7
AMPS). The Funds have decided to extend the tender
offers to provide holders who may still want to participate an
opportunity to do so. The Funds do not plan to further
extend or change the terms of the tender offers.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Funds. 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) and are available
free of charge at the SEC's website at www.sec.gov and on the
Funds' websites at www.dnpselectincome.com or
www.ducfund.com.
Any questions about the tender offers can be directed to AST
FundSolutions, LLC, the Fund's information agent for its tender
offer, at (212) 400-2605.
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 DNP Select Income Fund Inc.