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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.
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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.
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.
Summary not available.
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.