HARTFORD, Conn., Sept. 21,
2022 /PRNewswire/ -- Virtus Total Return Fund Inc.
(NYSE: ZTR) announced today that it has issued 20.3 million shares
of common stock pursuant to its recently completed non-transferable
rights offering.
Total net proceeds of the rights offering, which are estimated
at approximately $140.6 million after
deducting for estimated offering expenses, are expected to be
invested throughout the Fund's equity portfolio. Net proceeds were
calculated based on a share subscription price of $6.96, which equaled 95% of the average of the
last reported sales prices of the Fund's common shares on
September 16, 2022, the pricing date
of the offering, and the four preceding business days.
"We see attractive investment opportunities across all sectors
of global infrastructure, particularly with the ongoing transition
to a clean energy economy and the significant need for continued
investments in these essential infrastructure services," said
Connie Luecke, CFA, co-portfolio
manager of the Fund and senior managing director, Duff & Phelps
Investment Management Co. "We also see global infrastructure as a
good defensive strategy in a volatile market because the sector may
provide downside protection and diversification within an
investor's larger portfolio due to infrastructure's historically
lower correlation with most other equities and bonds."
Sufficient common shares were available to honor all
over-subscription requests in full. Refunds for overpayments are
expected to be mailed beginning today. Confirmation statements are
expected to be mailed to fund shareholders beginning on
September 23, 2022.
About the Fund
Virtus Total Return Fund Inc. is a diversified closed-end fund
whose investment objective is capital appreciation, with income as
a secondary objective. Virtus Investment Advisers, Inc. is the
investment adviser, and Duff & Phelps Investment Management
Co. and Newfleet Asset Management are the subadvisers to
the Fund. For more information on the Fund, contact Shareholder
Services at (866) 270-7788, by email at closedendfunds@virtus.com,
or through the closed-end fund section
of virtus.com.
About Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. pursues specialized
investment strategies with exceptional depth of resources and
expertise. With more than 35 years of experience managing
investment portfolios, Duff & Phelps has earned a reputation as
a leader in investing in global listed infrastructure, global
listed real estate, clean energy, and diversified real assets in
institutional separate accounts and open- and closed-end funds.
About Newfleet Asset Management
Newfleet Asset Management provides comprehensive fixed income
portfolio management in multiple strategies. The Newfleet
Multi-Sector Strategies team that manages the Virtus Total Return
Fund Inc. employs active sector rotation and disciplined risk
management to portfolio construction, avoiding interest rate bets,
and remaining duration neutral to each strategy's stated benchmark.
Newfleet Asset Management is a division of Virtus Fixed Income
Advisers, LLC, which is a registered investment adviser affiliated
with Virtus Investment Partners.
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 Total Return Fund Inc.