Virtus Convt & Incm Fd II

The Fund announced the issuance of mandatory redeemable preferred (“MRP”) shares. Series A, 880,000 Shares, Total Offering: $22 million, Maturity Date: May 26, 2028.
The shares of each series mentioned above have a par value of $0.00001 per share, a liquidation value of $25, a fixed rate of 5.95% per annum, and will pay dividends on a quarterly basis. Each Fund intends to use the net proceeds from its issuance, along with security sales, to pay down its respective temporary liquidity facilities, which were put into place on November 1, 2022, coincident with the settlement of the tender offer for the Funds’ auction rate preferred shares (ARPS). As of 2023-05-25, the Fund’s leverage was 43.9% and Convertible Funds Group leverage was 34.0%.

2023-05-26T00:00:00-04:00May 26th, 2023|

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