HARTFORD, Conn., Oct. 3, 2022
/PRNewswire/ -- Virtus Convertible & Income Fund (NCV) and
Virtus Convertible & Income Fund II (NCZ) (each, a "Fund" and,
together, the "Funds"), announced that each Fund today commenced a
voluntary tender offer (each, a "Tender Offer" and, together, the
"Tender Offers") for up to 100% of its outstanding auction rate
preferred shares ("ARPS"), at a price equal to 97.95% of the ARPS
per share liquidation preference of $25,000 per share (or $24,487.50 per share), plus any unpaid ARPS
dividends accrued through the expiration date of each Tender
Offer.
The Tender Offers commenced today at 12:01 a.m. Eastern Time and will expire at
11:59 p.m. Eastern Time on
November 1, 2022, unless otherwise
extended. It is expected that the payment of the tender offer
proceeds will be made as soon as practicable after the expiration
date of the Tender Offers, or such later date to which the Tender
Offers may be extended.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell the ARPS of the Funds. The
Funds will file with the Securities and Exchange Commission ("SEC")
a tender offer statement on Schedule TO and related exhibits,
including an offer to purchase, a related letter of transmittal and
other related documents (the "Tender Offer Documents"). The Tender
Offer Documents were mailed or distributed electronically to ARPS
holders starting today. These and other filed documents also will
be available to ARPS holders free of charge on the SEC's website
and on each Fund's page in the closed-end fund section of
virtus.com. ARPS holders may obtain further information regarding
the Tender Offers from Georgeson LLC, the Funds' Depositary Agent
and Information Agent for the Tender Offers, by calling (866)
785-7395 for NCV and (866) 857-2624 for NCZ.
About the Fund
Virtus Convertible & Income Fund and Virtus
Convertible & Income Fund II each have an investment
objective to provide total return through a combination of capital
appreciation and high current income. Virtus Investment Advisers,
Inc. is the investment adviser and Voya Investment
Management is the subadviser to the Funds. For more
information on the Funds, contact Shareholder Services at (866)
270-7788, by email at closedendfunds@virtus.com, or through
the closed-end funds section of 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 bottom of
this press release.
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SOURCE Virtus Funds