VIRTUS ALLIANZGI CONVERTIBLE & INCOME FUND DECLARES QUARTERLY DISTRIBUTION: 5.625% SERIES A CUMULATIVE PREFERRED SHARES

Rhea-AI Summary

Virtus AllianzGI Convertible & Income Fund (NCV) declared a cash distribution of $0.3515625 per share for Series A cumulative preferred shareholders, payable on June 30, 2022. Shareholders of record on June 13, 2022 will receive this payment. The Series A shares, trading under NCV.PRA, are rated 'A' by Fitch Ratings and have an annual dividend rate of $1.40625 per share. These shares were issued at $25.00 per share and are callable post a five-year non-call period ending September 20, 2023.

Positive

• Distribution of $0.3515625 per share indicates strong cash flow.
• Series A shares rated 'A' by Fitch Ratings show reliability.
• Annual dividend rate of $1.40625 provides attractive income.

Negative

• None.

HARTFORD, Conn., June 1, 2022 /PRNewswire/ -- Virtus AllianzGI Convertible & Income Fund (NYSE: NCV), announced today that it has declared a $0.3515625 per share cash distribution payable on June 30, 2022 to Series A cumulative preferred shareholders of record on June 13, 2022.

The Series A Cumulative Preferred Shares, which trade on the New York Stock Exchange under the symbol NCV PR A, are rated "A" by Fitch Ratings and have an annual dividend rate of $1.40625 per share. The 4,000,000 Series A Cumulative Preferred Shares were issued September 20, 2018 at $25.00 per share and pay distributions quarterly. This distribution represents the accrual period from April 1, 2022 through June 30, 2022. The Series A Cumulative Preferred Shares will be callable at any time at the liquidation value of $25.00 per share plus accrued dividends from and after the expiration of a five-year non-call period on September 20, 2023.

About the Fund

Virtus AllianzGI Convertible & Income Fund has an investment objective to provide total return through a combination of capital appreciation and high current income. Virtus Investment Advisers, Inc. has been the investment adviser of the fund since February 1, 2021 and Allianz Global Investors manages the fund in a subadvisory capacity. For more information on this fund, contact shareholder services at 800-254-5197, by email at closedendfunds@virtus.com, or through the closed-end fund section on the web at www.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 the fund's most recent annual report may be obtained free of charge by contacting "Shareholder Services" as set forth at the end of this press release.

 

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SOURCE Virtus AllianzGI Convertible & Income Fund

FAQ

What is the cash distribution amount for NCV Series A shares?

The cash distribution amount is $0.3515625 per share.

When will the cash distribution for NCV be paid?

The distribution will be paid on June 30, 2022.

What is the record date for the NCV cash distribution?

The record date for the cash distribution is June 13, 2022.

What is the annual dividend rate for Virtus AllianzGI Convertible & Income Fund?

The annual dividend rate is $1.40625 per share.

When can NCV Series A shares be called?

The shares can be called after September 20, 2023.