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 quarterly cash distribution of $0.3515625 per share for its Series A Cumulative Preferred Shares. The payment is scheduled for June 28, 2024, to shareholders of record as of June 13, 2024. These shares, rated 'A' by Fitch Ratings, were issued at $25.00 per share on September 20, 2018, and have an annual dividend rate of $1.40625 per share. The distribution covers the period from April 1, 2024, to June 30, 2024. The shares are callable at any time at their liquidation value plus accrued dividends.

Positive

• Quarterly cash distribution of $0.3515625 per share scheduled for June 28, 2024.
• Series A Cumulative Preferred Shares rated 'A' by Fitch Ratings.
• Annual dividend rate of $1.40625 per share.
• Shares are callable at $25.00 plus accrued dividends.
• Covers accrual period from April 1, 2024 to June 30, 2024.

Negative

• Shares are now callable, posing a potential risk of liquidation for investors.
• The call price is fixed at $25.00 per share, which might limit future gains.
• No information on the impact of callability on future distributions or dividends.

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 June 28, 2024 to Series A cumulative preferred shareholders of record on June 13, 2024.

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, 2024 through June 30, 2024. The Series A Cumulative Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends.

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.

About Virtus Investment Partners, Inc.

Virtus Investment Partners (NYSE: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment management products and services from our affiliated managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603572177/en/

For Further Information:

Shareholder Services

(866) 270-7788

closedendfunds@virtus.com

Source: Virtus Convertible & Income Fund

FAQ

What is the quarterly distribution for NCV Series A Cumulative Preferred Shares?

The quarterly distribution is $0.3515625 per share.

When will the NCV Series A Cumulative Preferred Shares distribution be paid?

The distribution is payable on June 28, 2024.

What is the annual dividend rate for NCV Series A Cumulative Preferred Shares?

The annual dividend rate is $1.40625 per share.

When were the NCV Series A Cumulative Preferred Shares issued?

The shares were issued on September 20, 2018.

What is the call price for NCV Series A Cumulative Preferred Shares?

The call price is $25.00 per share plus accrued dividends.

What is the record date for the NCV Series A Cumulative Preferred Shares distribution?

The record date is June 13, 2024.

What is the rating for NCV Series A Cumulative Preferred Shares?

The shares are rated 'A' by Fitch Ratings.

What is the trading symbol for NCV Series A Cumulative Preferred Shares?

The trading symbol is NCV PR A.