HARTFORD, Conn., Sept. 28,
2022 /PRNewswire/ -- Virtus Convertible & Income
Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) (each,
a "Fund" and, together, the "Funds"), announced today that each
Fund will commence a voluntary tender offer on or about
September 30, 2022 (each, a "Tender
Offer" and, together, the "Tender Offers") for up to 100% of each
Fund's outstanding auction rate preferred shares ("ARPS").
The Tender Offers are expected to expire at 5:00 p.m. New York
City time on a date that is at least 20 business days
following the commencement date.
The terms of the Tender Offer for each Fund include the
purchase, for cash, of up to 100% of the respective Fund's issued
and outstanding ARPS, at a price equal to 97.95% of the ARPS per
share liquidation preference of $25,000 per share (or $24,487.50 per share), plus any unpaid ARPS
dividends accrued through the expiration date of each Tender Offer,
or such later date to which such Tender Offer may be extended.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell the ARPS of the Funds. The
Funds will file with the Securities and Exchange Commission ("SEC")
a tender offer statement on Schedule TO and related exhibits,
including an offer to purchase, and other related documents (the
"Tender Offer Documents"). The Tender Offer Documents will be
mailed or distributed electronically to ARPS holders commencing on
or about September 30, 2022. These
and other filed documents also will be available to ARPS holders
free of charge on the SEC's website and on each Fund's page in the
closed-end fund section of virtus.com. ARPS holders may obtain
further information regarding the Tender Offers from Georgeson LLC,
the Funds' Depositary Agent and Information Agent for the Tender
Offers, by calling (866) 785-7395 for NCV and (866) 857-2624 for
NCZ.
About the Fund
Virtus Convertible & Income Fund and Virtus
Convertible & Income Fund II each have an investment
objective to provide total return through a combination of capital
appreciation and high current income. Virtus Investment Advisers,
Inc. is the investment adviser and Voya Investment
Management is the subadviser to the Funds. For more
information on the Funds, contact Shareholder Services at (866)
270-7788, by email at closedendfunds@virtus.com, or through
the closed-end fund section of virtus.com.
Fund Risks
An investment in a fund is subject to risk, including the risk
of possible loss of principal. A fund's shares may be worth less
upon their sale than what an investor paid for them. Shares of
closed-end funds may trade at a premium or discount to their net
asset value. For more information about the Funds' investment
objective and risks, please see the Funds' annual report. A copy of
the Funds' most recent annual report may be obtained free of charge
by contacting Shareholder Services as set forth at the bottom of
this press release.
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SOURCE Virtus Convertible & Income Fund; Virtus Convertible
& Income Fund II