DNP, Duff & Phelps wrap tender offers for five series of preferreds

By Susanna Moon

Chicago, June 19 - DNP Select Income Fund Inc. accepted tenders for $63,025,000 liquidation preference of preferred shares, and Duff & Phelps Utility and Corporate Bond Trust Inc. accepted tenders for $5,425,000 liquidation preference of series TH7 auction market preferreds.

The tender offers expired at 5 p.m. ET on June 18.

DNP's preferreds consisted of 220 series D remarketed preferreds, 398 series E remarketed preferreds, eight series TH auction preferreds and 41 series F auction preferreds.

The total purchase price for the preferreds accepted for purchase by DNP under its tender offer including accrued dividends is $60,516,207.27, according to a fund release.

Duff & Phelps' preferreds consisted of 217 series TH7 preferreds.

The total purchase price for the series TH7 preferreds including accrued dividends is $5,208,872.34.

DNP had offered to purchase for cash shares of its remarketed preferreds and auction preferreds with a total liquidation preference of up to $200 million excluding accrued dividends at a price equal to

• $96,000 per share of series D preferred, equal to 96% of the $100,000 liquidation preference;

• $96,000 per series E preferred, equal to 96% of the $100,000 liquidation preference;

• $24,000 per series TH preferred, equal to 96% of the $25,000 liquidation preference; and

• $24,000 per series F preferred, equal to 96% of the $25,000 liquidation preference.

Duff & Phelps had offered to purchase for cash its outstanding series TH7 preferreds with a total liquidation preference of up to $47.5 million excluding accrued dividends at a price equal to $24,000 per preferred, equal to 96% of the $25,000 liquidation preference.

Holders also will receive accrued dividends up to but excluding settlement, which will occur "promptly," the release noted.

AST Fund Solutions, LLC (212 400-2605) is the information agent.

The issuers are registered closed-end diversified management investment companies advised by 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.