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.
On October 3, 2022, Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) announced voluntary tender offers for up to 100% of their outstanding auction rate preferred shares (ARPS). The tender price is set at 97.95% of the ARPS liquidation preference of $25,000 per share, totaling $24,487.50 per share, plus any unpaid dividends. The offer commenced at 12:01 a.m. Eastern Time and will expire on November 1, 2022. The funds will file a tender offer statement with the SEC, and more details will be made available to ARPS holders.
Virtus Convertible & Income Fund II (NYSE: NCZ), announced a postponement of its monthly distribution of $0.0375 per common share, initially set for October 3, 2022. This decision is due to a decline in the values of the Fund's portfolio securities, resulting in asset coverage ratio falling below the 200% minimum requirement under the Investment Company Act of 1940. The fund will resume distributions once the asset coverage ratio is compliant.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) announced a voluntary tender offer for up to 100% of their outstanding auction rate preferred shares (ARPS), starting on September 30, 2022. The offer price is set at 97.95% of the ARPS liquidation preference of $25,000, plus accrued unpaid dividends. The offers will last at least 20 business days and will be detailed in documents filed with the SEC. This announcement does not constitute a recommendation or solicitation for selling ARPS. Further details will be shared with ARPS holders via email and through the SEC's website.
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Virtus Convertible & Income Fund II (NYSE: NCZ) announced the processing of its monthly distribution of $0.0375 per common share, initially scheduled for July 1. This payment will now go out to shareholders of record as of June 13, 2022. Additionally, the Fund's Board has declared another $0.0375 distribution for August 1, payable to shareholders who are on record as of July 11, 2022, with an ex-dividend date of July 8, 2022. The Fund aims to provide a total return through capital appreciation and high current income.
Virtus Convertible & Income Fund II (NCZ) has postponed its monthly distribution of $0.0375 per share originally set for July 1, 2022, due to a decline in the values of its portfolio securities. The Fund's asset coverage ratio fell below the 200% minimum required for declaring or paying monthly dividends, as of June 30, 2022. Distributions will resume once compliance with this ratio is achieved. The Fund aims to provide total return through capital appreciation and high current income.
Summary not available.
Virtus AllianzGI Convertible & Income Fund II (NYSE: NCZ) announced a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on June 30, 2022. Shareholders of record on June 13, 2022 will receive this payout, which pertains to the accrual period from April 1, 2022 to June 30, 2022. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 and were issued at $25.00 per share. They are callable post a five-year non-call period starting September 11, 2023.
Virtus AllianzGI Convertible & Income Fund II (NCZ) announced a cash distribution of $0.34375 per share, payable on March 31, 2022, to Series A cumulative preferred shareholders recorded by March 11, 2022. The Series A shares, rated 'A' by Fitch, feature a dividend rate of $1.375 per share, with 4.36 million shares issued at $25.00 each. The distribution covers the period from January 1 to March 31, 2022. Shares are callable post a five-year non-call period ending on September 11, 2023.
Virtus AllianzGI Convertible & Income Fund II (NCZ) has declared a cash distribution of $0.34375 per share for Series A cumulative preferred shareholders, payable on December 31, 2021. This distribution pertains to the accrual period from October 1, 2021, through December 31, 2021, with shareholders of record on December 13, 2021. The Series A shares, rated 'A' by Fitch Ratings, have an annual dividend rate of $1.375 and were issued at $25.00 per share. The shares will be callable post a five-year non-call period ending on September 11, 2023.
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