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

Rhea-AI Summary

The Virtus Convertible & Income Fund II (NYSE: NCZ) has declared a cash distribution of $0.34375 per share, payable on March 31, 2023, to Series A cumulative preferred shareholders of record as of March 13, 2023. The Series A preferred shares, which trade under the symbol NCZ PR A, are rated 'A' by Fitch Ratings and have an annual dividend rate of $1.375 per share. Approximately 4,360,000 shares were issued at $25.00 per share on September 11, 2018. This distribution covers the accrual period from January 1, 2023 to March 31, 2023, and the shares will be callable post September 11, 2023.

Positive

• Declaring a cash distribution of $0.34375 per share indicates reliable income for shareholders.
• Series A Cumulative Preferred Shares rated 'A' by Fitch Ratings, highlighting a strong financial standing.

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• None.

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 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 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 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 11, 2023.

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/20230228006375/en/

For Further Information:

Shareholder Services

(866) 270-7788

closedendfunds@virtus.com

Source: Virtus Convertible & Income Fund II

FAQ

What is the cash distribution amount for NCZ for March 2023?

The cash distribution amount for Virtus Convertible & Income Fund II (NCZ) for March 2023 is $0.34375 per share.

When will NCZ's cash distribution be paid?

The cash distribution for NCZ will be paid on March 31, 2023.

What is the record date for the NCZ cash distribution?

The record date for the cash distribution of NCZ is March 13, 2023.

What is the annual dividend rate for NCZ Series A preferred shares?

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

When was the NCZ Series A preferred share issued?

The NCZ Series A cumulative preferred shares were issued on September 11, 2018.