Virtus Convertible & Income Fund II announces distribution and capital-structure updates for an NYSE-listed closed-end management investment company. The fund seeks total return through capital appreciation and high current income, with Virtus Investment Advisers as investment adviser and Voya Investment Management as subadviser.
Recurring news focuses on quarterly cash distributions for the fund's 5.500% Series A Cumulative Preferred Shares, including dividend terms, accrual periods, liquidation value and callability. Updates also address closed-end fund risks, premium or discount trading relative to net asset value, and common-share actions such as reverse stock split mechanics.
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.
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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.