Virtus Convertible & Income Fund Announces Quarterly Distribution: 5.625% Series A Cumulative Preferred Shares

Rhea-AI Summary

Virtus Convertible & Income Fund (NYSE: NCV) has declared a cash distribution of $0.3515625 per share for Series A cumulative preferred shareholders, payable on March 31, 2023. Shareholders of record as of March 13, 2023 will receive this distribution, which pertains to the period from January 1, 2023 to March 31, 2023. The Series A shares, rated “A” by Fitch, have an annual dividend rate of $1.40625 and were issued at $25.00 per share on September 20, 2018. These shares will be callable after September 20, 2023, at their liquidation value plus accrued dividends.

Positive

• Declared a cash distribution of $0.3515625 per share.
• Series A cumulative preferred shares rated 'A' by Fitch.
• Annual dividend rate of $1.40625 per share.
• Shares callable after September 20, 2023, potentially enhancing liquidity for investors.

Negative

• Shares may trade at a premium or discount to net asset value, potentially affecting investor returns.

HARTFORD, Conn.--(BUSINESS WIRE)-- Virtus Convertible & Income Fund (NYSE: NCV), announced today that it has declared a $0.3515625 per share cash distribution payable on March 31, 2023 to Series A cumulative preferred shareholders of record on March 13, 2023.

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 January 1, 2023 through March 31, 2023. 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 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. is the investment adviser to the fund and Voya Investment Management is its subadviser.

For more information on this fund, contact shareholder services at (866) 270-7788, by email at closedendfunds@virtus.com, or through the Closed-End Funds section on the web at 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006377/en/

For Further Information:

Shareholder Services

(866) 270-7788

closedendfunds@virtus.com

Source: Virtus Convertible & Income Fund

FAQ

When is the cash distribution for Virtus Convertible & Income Fund (NCV) payable?

The cash distribution is payable on March 31, 2023.

What is the amount of the cash distribution for NCV in March 2023?

The cash distribution is $0.3515625 per share.

What is the annual dividend rate for NCV's Series A cumulative preferred shares?

The annual dividend rate is $1.40625 per share.

When can the Series A cumulative preferred shares of NCV be called?

The shares can be called after September 20, 2023.

Who are the advisers for Virtus Convertible & Income Fund (NCV)?

Virtus Investment Advisers, Inc. is the investment adviser, with Voya Investment Management as the subadviser.