Virtus Convertible & Income Fund II Announces Quarterly Distribution: 5.500% Series A Cumulative Preferred Shares

Rhea-AI Summary

Virtus Convertible & Income Fund II (NCZ) announced a $0.34375 per share cash distribution to Series A cumulative preferred shareholders of record on December 11, 2023. The Series A Cumulative Preferred Shares, trading under the symbol NCZ PR A, have an annual dividend rate of $1.375 per share and are rated 'A' by Fitch Ratings. The 4,360,000 Series A Cumulative Preferred Shares were issued at $25.00 per share in 2018 and pay distributions quarterly.

HARTFORD, Conn.--(BUSINESS WIRE)-- Virtus Convertible & Income Fund II (NYSE: NCZ) announced today that it has declared a $0.34375 per share cash distribution payable on December 29, 2023 to Series A cumulative preferred shareholders of record on December 11, 2023.

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 October 1, 2023 through December 31, 2023. 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231201830624/en/

For Further Information:

Shareholder Services

(866) 270-7788

closedendfunds@virtus.com

Source: Virtus Convertible & Income Fund II

FAQ

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

The company announced a $0.34375 per share cash distribution to Series A cumulative preferred shareholders of record on December 11, 2023.

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

The annual dividend rate for Series A Cumulative Preferred Shares is $1.375 per share.

How many Series A Cumulative Preferred Shares were issued and at what price?

The company issued 4,360,000 Series A Cumulative Preferred Shares at $25.00 per share in 2018.

When is the cash distribution payable?

The cash distribution is payable on December 29, 2023.

What is the current rating of Series A Cumulative Preferred Shares?

The Series A Cumulative Preferred Shares are rated 'A' by Fitch Ratings.