Welcome to our dedicated page for Virtus Cnvtbl II news (Ticker: NCZ), a resource for investors and traders seeking the latest updates and insights on Virtus Cnvtbl II stock.
Virtus Convertible & Income Fund II (NYSE: NCZ) is a diversified, closed-end management investment company with an investment objective to provide total return through a combination of capital appreciation and high current income. This news page focuses on official announcements and updates related to the fund’s listed common shares and its 5.500% Series A Cumulative Preferred Shares (NCZ PR A).
News items for NCZ frequently cover distribution declarations for the Series A Cumulative Preferred Shares, including the cash amount per share, record dates, payable dates, and the accrual periods for each quarterly distribution. These releases also reiterate that the preferred shares are rated “A” by Fitch Ratings, were issued at $25.00 per share, pay distributions quarterly, and are callable at the liquidation value plus accrued dividends.
Another recurring topic in NCZ news is capital structure actions, such as the 1-for-4 reverse stock split of the fund’s common shares that became effective as of the start of trading on February 10, 2025. Coverage of this event explains the mechanics of the reverse split, the retention of the NCZ trading symbol, the assignment of a new CUSIP, and the stated intention to achieve a higher per-share market price and potentially broaden the range of investors and improve liquidity.
Investors and observers can use this page to review how Virtus Convertible & Income Fund II communicates about its distributions, preferred share terms, and structural changes. The news items also highlight key risk disclosures, including the possibility of loss of principal and the fact that closed-end fund shares may trade at a premium or discount to net asset value.
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Virtus Convertible & Income Fund (NYSE: NCV) and Virtus Convertible & Income Fund II (NYSE: NCZ) announced a 20% decrease in their monthly distributions, effective from the April distribution payable on May 1, 2023. For NCV, the new distribution will be $0.034 per share, down from $0.0425. Similarly, NCZ's distribution will drop to $0.03 from $0.0375. The adjustment reflects increased costs of leverage and current earnings in the prevailing market environment. Additionally, the reported distribution amounts are estimates and subject to tax regulations, with final amounts determined by the funds' investment performance.
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.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) will redeem their remaining auction rate preferred shares (ARPS) from January 23 to January 27, 2023. This follows a prior tender offer where 99.7% of ARPS for NCV and 99.2% for NCZ were successfully tendered. The funds will redeem 29 shares for NCV at $725,000 and 49 shares for NCZ at $1,225,000, each at $25,000 per share plus unpaid dividends. The decision comes due to limited leverage benefits and ongoing costs associated with maintaining ARPS.
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On Dec. 1, 2022, Virtus Convertible & Income Fund II (NYSE: NCZ) declared a $0.34375 cash distribution for Series A cumulative preferred shareholders, payable on December 30, 2022. Shareholders of record by December 12, 2022 will receive this amount. The Series A shares, trading under NCZ.PRA, have an annual dividend rate of $1.375 and were issued at $25.00 per share on September 11, 2018. They will be callable at any time after September 11, 2023.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) announced the conclusion of their voluntary tender offers for auction rate preferred shares, with nearly all shares tendered: 99.7% for NCV and 99.2% for NCZ. Payment for the tendered shares will occur on November 2, 2022. The funds have now met the asset coverage ratio necessary for dividend payments, leading to the rescheduled monthly distribution of $0.0375 per common share for NCZ, originally set for October 3, 2022, to be paid on November 4, 2022.
Virtus Convertible & Income Fund II (NCZ) has postponed the record and ex-dividend dates for its monthly distribution of $0.0375 per common share, originally set for November 1, 2022. This delay is due to a decline in the values of the Fund's portfolio securities, causing the Fund's asset coverage ratio to fall below the 200% minimum requirement outlined in the Investment Company Act of 1940. The Fund aims to resume distributions once compliance is achieved, and it will provide updates regarding record and payment dates when available.
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