New York - London - Athens - Oslo

Morningstar, Inc. Commentaries

CEF Weekly Update

Feb 25, 2014
Click here to access CEF Weekly Update

Capital Structure Changes

DNP Select Income (DNP) announced the successful placement of $267 million of floating-rate mandatory redeemable preferred shares, or MRPS. The fund will use the proceeds to redeem all outstanding shares of Series D and Series E remarketed preferred stock. The preferred shares will be redeemed for 100% of their liquidation preference plus accrued and unpaid dividends. The Series D shares will be redeemed March 12, 2014, and the Series E shares will be redeemed March 19, 2014. The fund will use the remaining proceeds from the MRPS placement to repay $128.8 million of the $861.8 million principal outstanding under its credit facility.

provided by:

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individuals, financial advisors, and institutions.

Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services and has approximately $195 billion in assets under advisement or management as of Sept. 30, 2012. We have operations in 27 countries.