- Duff & Phelps Utility and Infrastructure Fund Inc. (DPG, Financial) redeems Series C MRP Shares and issues Series D MRP Shares.
- Redemption and issuance align with DPG's capital restructuring strategy.
- Series D MRP Shares have a maturity date of May 29, 2030, with quarterly dividends.
Duff & Phelps Utility and Infrastructure Fund Inc. (DPG), a closed-end investment management company, has announced the redemption of its remaining 1,400,000 Floating Rate Mandatory Redeemable Preferred Shares, Series C. These shares were redeemed at the liquidation preference of $25.00 per share, including all accumulated but unpaid dividends up to the redemption date.
The redemption was facilitated through the issuance of 1,000,000 new Floating Rate Mandatory Redeemable Preferred Shares, Series D. The Series D MRP Shares are priced at a liquidation value of $25.00 per share with a par value of $0.001 per share. These new shares carry a floating rate based on the three-month secured overnight financing rate (SOFR) plus 2.00% and will distribute dividends quarterly. The maturity date for these shares is set for May 29, 2030.
This strategic move by Duff & Phelps, advised by Duff & Phelps Investment Management Co., ensures efficient capital management and the effective use of leverage within the fund. Additionally, a $10 million borrowing under the existing credit facility was utilized as part of this financial restructuring.
Duff & Phelps Utility and Infrastructure Fund Inc. focuses on generating total returns through high-level current income and growth in current income, primarily investing in equities of domestic and foreign utilities and infrastructure entities. The fund maintains a strong emphasis on tax-advantaged dividend income and capital appreciation through investments in the utility and infrastructure sectors.
