CHICAGO, July 9, 2014 /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 successful placement of an additional series of
Floating Rate Mandatory Redeemable Preferred Shares (MRPS). The
Fund raised $33 million through the
private placement of Series D MRPS with institutional shareholders.
The Fund will use the proceeds to repay $33
million of the $733 million
principal outstanding under its credit facility.
The Series D MRPS will pay dividends at a variable rate that is
set quarterly at a spread to LIBOR and are mandatorily redeemable
on April 1, 2021. The newly
issued Series D MRPS join the Fund's Series A, B and C MRPS which
were issued on February 19,
2014. The MRPS 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.dnpselectincome.com or call (800)
338-8214.
About the Investment Adviser
Duff & Phelps
Investment Management Co. has more than 35 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 $58.0 billion under management as of March 31, 2014. 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 in any jurisdiction where
the offer or sale is not permitted.
SOURCE DNP Select Income Fund Inc.