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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Virtus Investment Partners Inc | NASDAQ:VRTS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 230.41 | 225.80 | 235.02 | 0 | 01:00:00 |
CHICAGO, Jan. 29, 2019 /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 issuance of an additional series of Mandatory Redeemable Preferred Shares (MRPS). The Fund raised $132 million through the private placement of Series E MRPS with institutional investors. The proceeds will be used to redeem all $132 million of the Fund's outstanding Series A MRPS.
The Series E MRPS will pay quarterly dividends at a fixed rate of 4.63% and are mandatorily redeemable on April 1, 2027. The Series E MRPS join the Fund's outstanding Series B, C and D MRPS. The MRPS, along with the Fund's secured notes and committed credit facility, 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.dpimc.com/dnp or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40 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 approximately $92 billion under management as of December 31, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/dnp-select-income-fund-announces-placement-of-preferred-shares-series-e-and-redemption-of-series-a-300786191.html
SOURCE DNP Select Income Fund Inc.
Copyright 2019 PR Newswire
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