News Column

DNP Select Income Fund Announces Placement of Preferred Shares

July 26, 2014

By a News Reporter-Staff News Editor at Investment Weekly News -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., 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.

Keywords for this news article include: Finance and Investment, Investment and Finance, DNP Select Income Fund Inc..

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Source: Investment Weekly News

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