Duff & Phelps Utility to redeem all $47.5 million TH7 preferreds

By Tali David

Minneapolis, Aug. 22 - Duff & Phelps Utility and Corporate Bond Trust Inc. will redeem all 1,900 shares of its series TH7 auction market preferred shares, liquidation preference $25,000 per share, according to a press release.

The preferreds will be redeemed at par (an aggregate of $47.5 million) plus accrued dividends on Sept. 19.

The fund will also repay $17.5 million of the $142.5 million principal outstanding under its credit facility as another part of the effort to reduce the amount of leverage it has used.

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

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