Duff & Phelps Select to redeem series A, B preferreds on March 31

By Rebecca Melvin

New York, March 24 – Duff & Phelps Select MLP and Midstream Energy Funds Inc. said it will redeem all of its outstanding series A and series B preferred shares (CUSIPs: 26433F2#4 and 26433F3#3) on March 31.

The Tuesday announcement supersedes the fund’s March 11 announcement regarding redemption of the series B preferred shares only.

The redemption price per share will be the liquidation preference of $25.00 plus accumulated but unpaid dividends and distributions.

The fund reached an agreement with the holders of its series A and B preferred shares to accelerate the payment on series B preferreds as well as redeem all of the series A preferreds in exchange for their agreeing to forego their right to receive an additional payment of up to 2% of the liquidation preference.

The issuer is a closed-end fund advised by Chicago’s Duff & Phelps Investment Management Co.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.