HARTFORD, Conn., Feb. 15, 2017 /PRNewswire/ -- Virtus Total
Return Fund (NYSE: DCA) today announced it has commenced a tender
offer to acquire for cash up to 40 percent of the fund's
outstanding shares at a price equal to 99 percent of its net asset
value (NAV) per share as of the close of regular trading on the New
York Stock Exchange on March 15,
2017, the date the tender offer expires. If more than 40
percent of the fund's outstanding shares are tendered, the fund
will purchase shares from tendering shareholders on a pro-rata
basis.
The tender offer is being made on the terms and subject to the
conditions set forth in the Issuer Tender Offer Statement and
related Letter of Transmittal that have been filed with the
Securities and Exchange Commission. The tender offer will terminate
at 11:59 p.m. (Eastern) on
March 15, 2017, unless extended. The
pricing date will also be March 15,
2017, unless the tender offer is extended.
In connection with the tender offer, the fund has temporarily
suspended its open-market purchases of shares pursuant to its share
repurchase program until on or about 10 business days after the
termination of the tender offer, as required by the Securities
Exchange Act of 1934, as amended.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell shares of the fund. The
tender offer is being made only by an Issuer Tender Offer
Statement, a related Letter of Transmittal and other documents,
which have been filed with the Securities and Exchange Commission.
Shareholders of the fund should read the Issuer Tender Offer
Statement and related exhibits, as they contain important
information about the tender offer. These and other filed documents
are available to investors for free both at the website of the
Securities and Exchange Commission and from the fund. Shareholders
may obtain further information regarding the Tender Offer from
Georgeson LLC, the Information Agent for the Tender Offer, by
calling 1-800-932-9864 or from the fund by calling at
1-866-270-7788.
About the Fund
The Virtus Total Return Fund is a
non-diversified closed-end fund with an objective of total return,
consisting of both capital appreciation and current income, as
determined by the fund's investment adviser, Virtus Investment
Advisers, Inc. The fund has been managed since December 9, 2011 by Duff & Phelps Investment
Management Co. and Newfleet Asset Management, LLC.
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 on the web at
www.virtus.com.
About Duff & Phelps Investment Management Co.
Duff
& Phelps Investment Management Co., the investment sub-adviser
of the fund, has more than 35 years of experience managing
investment portfolios, including institutional separate accounts
and open- and closed-end funds investing in utilities,
infrastructure, real estate investment trusts (REITs), and master
limited partnerships (MLPs). For more information about Duff &
Phelps, visit www.dpimc.com.
About Newfleet Asset Management
Newfleet Asset
Management provides comprehensive fixed income portfolio management
in multiple strategies. Newfleet Multi-Sector Strategies leverages
the knowledge and skill of a team of investment professionals with
expertise in every sector of the bond market, including evolving,
specialized, and out-of-favor sectors. The team 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.
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 discount to their
net asset value.
Forward-Looking Information
This press release
contains statements that are, or may be considered to be,
forward-looking statements. All statements that are not historical
facts, including statements about beliefs or expectations, are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements may be
identified by such forward-looking terminology as "expect,"
"estimate," "plan," "intend," "believe," "anticipate," "may,"
"will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the funds
undertake no obligation to update or review any forward-looking
statements. The funds can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
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SOURCE Virtus Total Return Fund