HARTFORD, Conn., Oct. 12,
2022 /PRNewswire/ -- Virtus Convertible & Income
Fund II (NYSE: NCZ), a closed-end fund, today announced that
it has postponed the record and ex-dividend dates for payment of
its monthly distribution of $0.0375
per common share that was scheduled to be paid on November 1, 2022 to shareholders of record on
October 13, 2022.
As previously announced, the declaration of the Fund's monthly
distribution of $0.0375 per common
share that was scheduled to be declared on October 3, 2022 and paid on November 1, 2022 was delayed after recent market
dislocations caused the values of the Fund's portfolio securities
to decline and, as a result, the Fund's asset coverage ratio for
total leverage as of September 30, as
calculated in accordance with the Investment Company Act of 1940,
was below the 200% minimum asset coverage guideline. Compliance
with the asset coverage ratio is required by the Fund's governing
documents for declaration or payment of the monthly distribution.
As a result, the Fund is not authorized to declare or pay its
monthly distribution until the coverage ratio is in compliance.
The Fund still intends to resume declaration and payment of its
monthly common share distributions once its coverage ratio is in
compliance. If the Fund is unable to declare a distribution
sufficiently in advance of November 1
to set the record date and arrange payment, the payment date will
be postponed as well. The Fund will provide information regarding
record and payable dates for delayed distributions when
available.
About the Fund
Virtus Convertible & Income Fund II has 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 of the fund and Voya Investment
Management manages the fund in a subadvisory capacity. For
more information, 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 end of
this press release.
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SOURCE Virtus Funds
