NCZ declares October distribution; starts
process to pay previously declared common share
distribution
HARTFORD, Conn., Nov. 3, 2022
/PRNewswire/ -- Virtus Convertible & Income Fund (NYSE: NCV)
and Virtus Convertible & Income Fund II (NYSE: NCZ) (each, a
"Fund" and, together, the "Funds"), today announced final results
for each Fund's voluntary tender offer (each, a "Tender Offer" and,
together, the "Tender Offers") for up to 100% of its outstanding
auction rate preferred shares ("ARPS"). The Tender Offers expired
at 5:00 p.m., New York City time, on November 1, 2022.
Based upon current information, 8,902 shares (approximately
99.7% of outstanding ARPS) were tendered for NCV and 6,452 shares
(approximately 99.2% of outstanding ARPS) were tendered for NCZ.
Payment for such shares will be made on or about November 2, 2022. All of the ARPS of each of NCV
and NCZ that were not tendered remain outstanding.
The purchase price of properly tendered shares is 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.
As a result of the tender offer, NCZ has reached the minimum
asset coverage ratio for total leverage required under its
organizational documents for the declaration and payment of
dividends. The Fund therefore will begin to process its monthly
distribution of $0.0375 per common
share that was previously scheduled to be paid on October 3, 2022 to shareholders of record as of
September 12, 2022, with a new pay
date of November 4, 2022. In
addition, the monthly distribution of $0.0375 per common share, which was originally
scheduled to be declared on October
3, will be paid on December 1,
2022 to shareholders of record as of November 15, 2022 (ex-dividend date of
November 14, 2022).
About the Funds
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 funds 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 each Fund's investment
objective and risks, please see the Fund's annual report, a copy of
which may be obtained free of charge by contacting Shareholder
Services as set forth at the bottom of this release.
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SOURCE Virtus Funds