DNP to redeem two series of mandatory redeemable preferreds

By Taylor Fox

New York, March 31 – DNP Select Income Fund Inc. plans to redeem two series of floating-rate mandatory redeemable preferred shares, liquidation preference $100,000 per share, on April 1, according to a news release.

All 600 of the outstanding series B shares (Cusip: 23325P3#9) will be redeemed for a price of $60 million and all 330 of the outstanding series D shares (Cusip: 23325P5#7) for a price of $33 million.

The shares will be redeemed at par.

The redemption will be funded using $93 million of borrowings under the fund’s credit facility.

The fund is a Chicago-based closed-end diversified investment management company managed by Chicago-based Duff & Phelps Investment Management Co.

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