HARTFORD, Conn., July 1, 2022
/PRNewswire/ -- Virtus Convertible & Income Fund II (NYSE:
NCZ), a closed-end fund, today announced that it has postponed
payment of its monthly distribution of $0.0375 per share that was scheduled to be paid
on July 1 and has postponed
declaration of its monthly distribution of $0.0375 per share that was scheduled to be
declared on July 1 for payment on
August 1.
Recent market dislocations have 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 June
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
dividends. As a result, the Fund is not authorized to declare or
pay its monthly distributions until the coverage ratio is in
compliance. The Fund intends to resume declaration and payment of
its monthly distributions once its coverage ratio is in
compliance.
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 Allianz Global Investors 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 fund section of www.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 each 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 Convertible & Income Fund II