{"id":689785,"date":"2022-09-28T09:12:31","date_gmt":"2022-09-28T13:12:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/"},"modified":"2022-09-28T09:12:31","modified_gmt":"2022-09-28T13:12:31","slug":"virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/","title":{"rendered":"Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">HARTFORD, Conn.<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Sept. 28, 2022<\/span><\/span> \/PRNewswire\/ &#8212; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=3135271465&amp;u=https%3A%2F%2Fwww.virtus.com%2Fproducts%2Fvirtus-convertible-income-fund%23shareclass.N%2Fperiod.quarterly&amp;a=Virtus+Convertible+%26+Income+Fund\" target=\"_blank\" rel=\"nofollow noopener\">Virtus Convertible &amp; Income Fund<\/a> (NCV) and <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=3185068701&amp;u=https%3A%2F%2Fwww.virtus.com%2Fproducts%2Fvirtus-convertible-income-fund-ii%23shareclass.N%2Fperiod.quarterly&amp;a=Virtus+Convertible+%26+Income+Fund+II\" target=\"_blank\" rel=\"nofollow noopener\">Virtus Convertible &amp; Income Fund II<\/a> (NCZ) (each, a &#8220;Fund&#8221; and, together, the &#8220;Funds&#8221;), announced today that each Fund will commence a voluntary tender offer on or about <span class=\"xn-chron\">September 30, 2022<\/span> (each, a &#8220;Tender Offer&#8221; and, together, the &#8220;Tender Offers&#8221;) for up to 100% of each Fund&#8217;s outstanding auction rate preferred shares (&#8220;ARPS&#8221;).\u00a0 The Tender Offers are expected to expire at <span class=\"xn-chron\">5:00 p.m.<\/span><span class=\"xn-location\">New York City<\/span> time on a date that is at least 20 business days following the commencement date.\u00a0<\/p>\n<p>The terms of the Tender Offer for each Fund include the purchase, for cash, of up to 100% of the respective Fund&#8217;s issued and outstanding ARPS, at a price equal to 97.95% of the ARPS per share liquidation preference of <span class=\"xn-money\">$25,000<\/span> per share (or <span class=\"xn-money\">$24,487.50<\/span> per share), plus any unpaid ARPS dividends accrued through the expiration date of each Tender Offer, or such later date to which such Tender Offer may be extended.<\/p>\n<p>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 (&#8220;SEC&#8221;) a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, and other related documents (the &#8220;Tender Offer Documents&#8221;). The Tender Offer Documents will be mailed or distributed electronically to ARPS holders commencing on or about <span class=\"xn-chron\">September 30, 2022<\/span>. These and other filed documents also will be available to ARPS holders free of charge on the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=2734951600&amp;u=https%3A%2F%2Fwww.sec.gov%2F&amp;a=SEC%27s+website\" target=\"_blank\" rel=\"nofollow noopener\">SEC&#8217;s website<\/a> and on each Fund&#8217;s page in the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=2901822966&amp;u=https%3A%2F%2Fwww.virtus.com%2Four-products%2Findividual-investors%2Fclosed-end-funds%23%2Fasset_sub_class.null%2Fshare_class_id.16%2Ftype.daily%2Frelation.nav&amp;a=closed-end+fund\" target=\"_blank\" rel=\"nofollow noopener\">closed-end fund<\/a> section of <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=1635411549&amp;u=https%3A%2F%2Fwww.virtus.com%2F%23product.all%2Fclass.all&amp;a=virtus.com\" target=\"_blank\" rel=\"nofollow noopener\">virtus.com<\/a>. ARPS holders may obtain further information regarding the Tender Offers from Georgeson LLC, the Funds&#8217; Depositary Agent and Information Agent for the Tender Offers, by calling (866) 785-7395 for NCV and (866) 857-2624 for NCZ.<\/p>\n<p>\n        <b>About the Fund<\/b>\n      <\/p>\n<p>\n        <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=181267991&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D3560513-1%26h%3D1530935678%26u%3Dhttps%253A%252F%252Fwww.virtus.com%252Fproducts%252Fvirtus-allianzgi-convertible-income-fund%2523shareclass.N%252Fperiod.quarterly%26a%3DVirtus%2BAllianzGI%2BConvertible%2B%2526%2BIncome%2BFund&amp;a=Virtus+Convertible+%26+Income+Fund\" target=\"_blank\" rel=\"nofollow noopener\">Virtus Convertible &amp; Income Fund<\/a>\u00a0and\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=1213574093&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D3560513-1%26h%3D1517582787%26u%3Dhttps%253A%252F%252Fwww.virtus.com%252Fproducts%252Fvirtus-allianzgi-convertible-income-fund-ii%2523shareclass.N%252Fperiod.quarterly%26a%3DVirtus%2BAllianzGI%2BConvertible%2B%2526%2BIncome%2BFund%2BII&amp;a=Virtus+Convertible+%26+Income+Fund+II\" target=\"_blank\" rel=\"nofollow noopener\">Virtus Convertible &amp; Income Fund II<\/a>\u00a0each 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\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=305829667&amp;u=https%3A%2F%2Fwww.virtus.com%2Finvestment-partners%2Fvoya-investment-management&amp;a=Voya+Investment+Management\" target=\"_blank\" rel=\"nofollow noopener\">Voya Investment Management<\/a>\u00a0is the subadviser to the Funds. For more information on the Funds, contact Shareholder Services at (866) 270-7788, by email at <a href=\"mailto:closedendfunds@virtus.com\" target=\"_blank\" rel=\"nofollow noopener\">closedendfunds@virtus.com<\/a>, or through the\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=2901822966&amp;u=https%3A%2F%2Fwww.virtus.com%2Four-products%2Findividual-investors%2Fclosed-end-funds%23%2Fasset_sub_class.null%2Fshare_class_id.16%2Ftype.daily%2Frelation.nav&amp;a=closed-end+fund\" target=\"_blank\" rel=\"nofollow noopener\">closed-end fund<\/a>\u00a0section of\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3661767-1&amp;h=32099538&amp;u=http%3A%2F%2Fwww.virtus.com%2F&amp;a=virtus.com\" target=\"_blank\" rel=\"nofollow noopener\">virtus.com<\/a>.<\/p>\n<p>\n        <b>Fund Risks<\/b>\n      <\/p>\n<p>An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund&#8217;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 Funds&#8217; investment objective and risks, please see the Funds&#8217; annual report. A copy of the Funds&#8217; most recent annual report may be obtained free of charge by contacting Shareholder Services as set forth at the bottom of this press release.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2371\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/890918\/Virtus_Funds_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/890918\/Virtus_Funds_Logo.jpg\" title=\"(PRNewsfoto\/Virtus Funds)\" alt=\"(PRNewsfoto\/Virtus Funds)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NE86876&amp;sd=2022-09-28\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/virtus-convertible--income-fund-virtus-convertible--income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares-301635508.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/virtus-convertible&#8211;income-fund-virtus-convertible&#8211;income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares-301635508.html<\/a><\/p>\n<p>SOURCE  Virtus Convertible &amp; Income Fund; Virtus Convertible &amp; Income Fund II<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NE86876&amp;Transmission_Id=202209280907PR_NEWS_USPR_____NE86876&amp;DateId=20220928\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire HARTFORD, Conn. , Sept. 28, 2022 \/PRNewswire\/ &#8212; Virtus Convertible &amp; Income Fund (NCV) and Virtus Convertible &amp; Income Fund II (NCZ) (each, a &#8220;Fund&#8221; and, together, the &#8220;Funds&#8221;), announced today that each Fund will commence a voluntary tender offer on or about September 30, 2022 (each, a &#8220;Tender Offer&#8221; and, together, the &#8220;Tender Offers&#8221;) for up to 100% of each Fund&#8217;s outstanding auction rate preferred shares (&#8220;ARPS&#8221;).\u00a0 The Tender Offers are expected to expire at 5:00 p.m.New York City time on a date that is at least 20 business days following the commencement date.\u00a0 The terms of the Tender Offer for each Fund include the purchase, for cash, of up to 100% of the respective Fund&#8217;s issued &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-689785","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HARTFORD, Conn. , Sept. 28, 2022 \/PRNewswire\/ &#8212; Virtus Convertible &amp; Income Fund (NCV) and Virtus Convertible &amp; Income Fund II (NCZ) (each, a &#8220;Fund&#8221; and, together, the &#8220;Funds&#8221;), announced today that each Fund will commence a voluntary tender offer on or about September 30, 2022 (each, a &#8220;Tender Offer&#8221; and, together, the &#8220;Tender Offers&#8221;) for up to 100% of each Fund&#8217;s outstanding auction rate preferred shares (&#8220;ARPS&#8221;).\u00a0 The Tender Offers are expected to expire at 5:00 p.m.New York City time on a date that is at least 20 business days following the commencement date.\u00a0 The terms of the Tender Offer for each Fund include the purchase, for cash, of up to 100% of the respective Fund&#8217;s issued &hellip; 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Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/","og_locale":"en_US","og_type":"article","og_title":"Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares - Market Newsdesk","og_description":"PR Newswire HARTFORD, Conn. , Sept. 28, 2022 \/PRNewswire\/ &#8212; Virtus Convertible &amp; Income Fund (NCV) and Virtus Convertible &amp; Income Fund II (NCZ) (each, a &#8220;Fund&#8221; and, together, the &#8220;Funds&#8221;), announced today that each Fund will commence a voluntary tender offer on or about September 30, 2022 (each, a &#8220;Tender Offer&#8221; and, together, the &#8220;Tender Offers&#8221;) for up to 100% of each Fund&#8217;s outstanding auction rate preferred shares (&#8220;ARPS&#8221;).\u00a0 The Tender Offers are expected to expire at 5:00 p.m.New York City time on a date that is at least 20 business days following the commencement date.\u00a0 The terms of the Tender Offer for each Fund include the purchase, for cash, of up to 100% of the respective Fund&#8217;s issued &hellip; Continue reading \"Virtus Convertible &amp; Income Fund, Virtus Convertible &amp; Income Fund II Announce Tender Offers for Outstanding Auction Rate Preferred Shares\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/","og_site_name":"Market Newsdesk","article_published_time":"2022-09-28T13:12:31+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/890918\/Virtus_Funds_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virtus-convertible-income-fund-virtus-convertible-income-fund-ii-announce-tender-offers-for-outstanding-auction-rate-preferred-shares\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Virtus Convertible &amp; 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