Duff & Phelps Utility and Infrastructure to redeem floating-rate series B preferreds

By Rebecca Melvin

Concord, N.H., Sept. 22 – Duff & Phelps Utility and Infrastructure Fund Inc. said it will redeem all of its outstanding floating-rate mandatory redeemable series B preferred shares (Cusip: 26433C3#0), according to a company release.

The redemption price per share will be the liquidation preference of $25.00 plus accumulated dividends and distributions up to, but excluding, the Oct. 22 redemption date.

The redemption is being funded by $40 million of borrowings under an existing credit facility, as part of what the fund said it believes is prudent management of its use of leverage.

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

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