Virtus Convertible & Income Fund II Announces Quarterly Distribution: 5.500% Series A Cumulative Preferred Shares
Virtus Convertible & Income Fund II (NYSE: NCZ) has declared a quarterly cash distribution of $0.34375 per share for its Series A Cumulative Preferred Shares. The distribution is payable on June 28, 2024, to shareholders of record on June 13, 2024. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 per share and were issued on September 11, 2018, at $25.00 per share.
The shares are now callable at the liquidation value of $25.00 per share plus accrued dividends. This distribution covers the period from April 1, 2024, to June 30, 2024, and the total issuance includes 4,360,000 shares.
- Declared quarterly distribution of $0.34375 per share.
- Distribution date is June 28, 2024, providing predictable income.
- Shares rated 'A' by Fitch Ratings, indicating good credit quality.
- Annual dividend rate of $1.375 per share is attractive to income-focused investors.
- Callable at the liquidation value of $25.00 per share plus accrued dividends, offering potential liquidity.
- Callable nature of shares introduces the risk of early redemption, which may impact long-term returns.
- Fixed dividend rate may not keep pace with inflation over time.
- Shares issued at $25.00 per share are now callable, potentially limiting upside price appreciation.
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
About the Fund
Virtus 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. 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.
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For Further Information:
Shareholder Services
(866) 270-7788
closedendfunds@virtus.com
Source: Virtus Convertible & Income Fund II
FAQ
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