Update on Preferred Stock Refinancing for Duff & Phelps Utility and Corporate Bond Trust Inc.

CHICAGO--(BUSINESS WIRE)--In the ongoing effort to find a solution that is in the best interests of both common and preferred shareholders, management of Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE:DUC) continues to pursue discussions with a commercial bank for a credit facility that would provide liquidity for the DUC fund to redeem some or all of its auction market preferred shares. However, both the timing and amount of any bank financing and share redemption are highly uncertain and will depend on a variety of factors, including challenging financial market conditions and regulatory, market and economic factors. Management cannot be certain that the DUC fund will be able to refinance all or any specified portion of its preferred stock, that credit facilities or other mechanisms can be entered into on terms acceptable to the Fund or that the DUC fund will be able to effectuate a preferred stock redemption within any specified time frame. Moreover, there can be no assurance that any alternative forms of leverage used to refinance the DUC fund’s leverage will not become prohibitively expensive or unavailable in the future. For more information, visit the investment company’s website at www.phoenixinvestments.com or call the Fund at (800) 338-8214.