By Stephanie N. Rotondo
Phoenix, July 9 – DNP Select Income Fund Inc. wrapped a $33 million private placement of series D floating-rate mandatory redeemable preferred shares, according to a press release published Wednesday.
Dividends on the preferreds is set quarterly at a spread to Libor.
The preferreds must be redeemed April 1, 2021.
Proceeds from the transaction will be used to pay down $733 million principal outstanding under a credit facility.
The fund is a Chicago-based closed-end diversified investment management company managed by Chicago-based Duff & Phelps Investment Management Co.
| Issuer: | DNP Select Income Fund Inc.
|
| Securities: | Series D mandatory redeemable preferred shares
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| Amount: | $33 million
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| Dividend: | Floats at Libor plus a spread, resets quarterly
|
| Redemption date: | April 1, 2021
|
| Distribution: | Private placement
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