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

Rhea-AI Summary

Virtus Convertible & Income Fund II (NYSE: NCZ) has declared a quarterly cash distribution of $0.34375 per share for its Series A cumulative preferred shareholders. The distribution will be paid on March 31, 2025 to shareholders of record as of March 17, 2025.

The Series A Cumulative Preferred Shares, trading under symbol NCZ PR A, carry an 'A' rating from Fitch Ratings and feature an annual dividend rate of $1.375 per share. Initially issued on September 11, 2018, the 4,360,000 shares were priced at $25.00 per share. The current distribution covers the period from January 1, 2025, through March 31, 2025. The shares are currently callable at their liquidation value of $25.00 per share plus accrued dividends.

Positive

• Maintains consistent quarterly dividend distribution of $0.34375 per preferred share
• Strong 'A' credit rating from Fitch Ratings

Negative

• 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, 2025 to Series A cumulative preferred shareholders of record on March 17, 2025.

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, 2025 through March 31, 2025. 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, LLC, a registered investment adviser affiliated with Virtus Investment Partners, 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/20250305340112/en/

For Further Information:

Shareholder Services

(866) 270-7788

closedendfunds@virtus.com

Source: Virtus Convertible & Income Fund II

FAQ

What is the quarterly distribution amount for NCZ Series A preferred shares?

NCZ Series A preferred shares will receive a quarterly distribution of $0.34375 per share, payable on March 31, 2025.

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

The NCZ Series A preferred shares have an annual dividend rate of $1.375 per share.

When were NCZ Series A preferred shares originally issued and at what price?

The 4,360,000 Series A preferred shares were issued on September 11, 2018, at $25.00 per share.

What is the credit rating of NCZ Series A preferred shares?

NCZ Series A preferred shares are rated 'A' by Fitch Ratings.

What is the callable price for NCZ Series A preferred shares?

The shares are callable at their liquidation value of $25.00 per share plus accrued dividends.