DNP Select Income Fund Announces Placement of Preferred Shares Series E and Redemption of Series A

PRNewswire 29-Jan-2019 4:30 PM

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.

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SOURCE DNP Select Income Fund Inc.