Virtus funds tender for all outstanding auction rate preferreds

By Wendy Van Sickle

Columbus, Ohio, Oct. 3 – Virtus Convertible & Income Fund I and Virtus Convertible & Income Fund II each began a voluntary tender offer for up to 100% of its outstanding auction rate preferred shares, according to a news release.

The price is equal to 97.95% of the liquidation preference of $25,000 per share, or $24,487.50 per share, plus any unpaid dividend.

The tender offers will expire at 11:59 p.m. ET on Nov. 1.

Virtus is a Hartford, Conn.-based investment management company. Each fund has an investment objective to provide total return through a combination of capital appreciation and high current income.

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