VIRTUS ALLIANZGI CONVERTIBLE & INCOME FUND II DECLARES QUARTERLY DISTRIBUTION: 5.500% SERIES A CUMULATIVE PREFERRED SHARES

Rhea-AI Summary

Virtus AllianzGI Convertible & Income Fund II (NYSE: NCZ) announced a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on June 30, 2022. Shareholders of record on June 13, 2022 will receive this payout, which pertains to the accrual period from April 1, 2022 to June 30, 2022. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 and were issued at $25.00 per share. They are callable post a five-year non-call period starting September 11, 2023.

Positive

• Declared a cash distribution of $0.34375 per share payable June 30, 2022.
• Series A shares rated 'A' by Fitch Ratings indicating solid credit quality.
• Annual dividend rate set at $1.375 per share for steady income.

Negative

• None.

HARTFORD, Conn., June 1, 2022 /PRNewswire/ -- Virtus AllianzGI Convertible & Income Fund II (NYSE: NCZ), announced today that it has declared a $0.34375 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 NCZ PR A, are rated "A" by Fitch Ratings and have an annual dividend rate of $1.375 per share. The 4,360,000 Series A Cumulative Preferred Shares were issued September 11, 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 11, 2023.

About the Fund
Virtus AllianzGI Convertible & Income Fund II 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 II

FAQ

What is the cash distribution announced by Virtus AllianzGI Convertible & Income Fund II (NCZ)?

Virtus AllianzGI Convertible & Income Fund II (NCZ) announced a cash distribution of $0.34375 per share payable on June 30, 2022.

Who is eligible for the cash distribution from Virtus AllianzGI Convertible & Income Fund II (NCZ)?

Shareholders of record on June 13, 2022, are eligible for the cash distribution.

What is the annual dividend rate for the Series A cumulative preferred shares of Virtus AllianzGI Convertible & Income Fund II (NCZ.PRA)?

The annual dividend rate for the Series A cumulative preferred shares is $1.375 per share.

When will the Series A cumulative preferred shares of Virtus AllianzGI Convertible & Income Fund II (NCZ.PRA) become callable?

The Series A cumulative preferred shares will be callable starting September 11, 2023.