CHICAGO, September 22, 2021 / PRNewswire / – Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced that the 22 October 2021, it will redeem all of its mandatory redeemable variable rate preferred shares, series B (CUSIP no. 26433C3 # 0) outstanding.
The fund is currently making this redemption at its discretion and as part of what it believes to be prudent management of its use of leverage. The repurchase of the Series B preferred shares is financed by the borrowing of $ 40 million under the fund’s existing credit facility with a large commercial bank.
The redemption price per share will be the liquidation preference of $ 25.00 plus dividends and distributions accrued but not paid up to the excluded redemption date. Upon redemption, the Series B Preferred Shares will no longer be deemed outstanding, dividends will cease to accumulate and all shareholder rights in the Series B Preferred Shares will cease.
About the Fund
Duff & Phelps Utility and Infrastructure Fund Inc. is a closed-end investment management company whose investment objective is to seek total return, resulting principally from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income and (ii) growth in current income, and secondarily of capital appreciation. The Fund seeks to achieve its objective by investing in shares of domestic and foreign companies in the infrastructure and utilities sectors. The fund considers the infrastructure sector to include companies that derive at least 50% of their income or profits from owning or operating infrastructure assets, including toll roads, bridges, tunnels, airports, seaports and railways. The fund considers the utilities sector to include companies that engage or derive at least 50% of their assets, gross income or profits in the electricity, gas, water, telecommunications sectors. and intermediate energy. For more information, please contact Shareholder Services at (866) 270-7598, by email at [email protected], or by visiting the DPG website, www.dpimc.com/dpg.
About the investment advisor
Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-store asset manager. Duff & Phelps has over 35 years of experience managing investment portfolios, including institutional segregated accounts and open and closed-end funds investing in utilities, infrastructure, MLPs and real estate investment trusts ( FPI). For more information visit www.dpimc.com.
Risks of the Fund
An investment in a fund is subject to risks, including the risk of possible loss of capital. Shares in a fund may be worth less when sold than what an investor paid for them. Closed-end fund shares may trade at a premium or a discount to their net asset value. For more information on the fund’s investment objective and risks, please consult the fund’s annual report. A copy of the fund’s most recent annual report can be obtained free of charge from Shareholder Services at (866) 270-7598, by email at [email protected], or visit the DPG website, www.dpimc.com/dpg.
This press release contains statements that are, or may be considered, forward-looking statements. All statements that are not historical fact, including statements about belief or expectation, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by forward-looking terminology as ” expect, “” estimate “,” plan “,” intend “,” believe “,” anticipate “,” can “,” will “,” should “,” could “,” continue “,” plan ” ”, Or statements or similar variations of such terms. Forward-looking statements are based on a series of expectations, assumptions and projections; are not guarantees of future results or performance; and may involve risks and uncertainties. All forward-looking statements are as of the date of this release only; the fund assumes no obligation to update or review any forward-looking statements. The fund cannot guarantee that any such forward-looking expectations or statements will prove to be correct. Actual results may differ materially. You are urged to carefully consider all of these factors.
SOURCE Duff & Phelps Utility and Infrastructure Fund Inc.