HARTFORD, Conn., Sept. 19,
2022 /PRNewswire/ -- Virtus Total Return Fund Inc.
(NYSE: ZTR) announced the completion of its non-transferable rights
offering that expired on September 16,
2022.
In accordance with the Prospectus, the subscription price was
determined to be $6.96 per share,
which was equal to 95% of the lower of (i) the net asset value per
share of the Fund's common stock at the close of business on
September 16, 2022 (the "Pricing
Date"), or (ii) the average of the last reported sales price of a
share of the Fund's common stock on the New York Stock Exchange on
such date and the four preceding business days. The net asset value
per share of the Fund's common stock on the Pricing Date was
$7.88. The average of the last
reported sales prices of the Fund's shares on the Pricing Date and
the four preceding business days was $7.33.
The subscription price is lower than the original estimated
subscription price of $8.50. In
accordance with the Prospectus, any excess subscription payment
which would otherwise be refunded to a Record Date Shareholder who
has exercised his or her right to acquire shares pursuant to the
Over-Subscription Privilege will first be applied by the Fund
toward payment for the additional shares to be so acquired.
Information regarding the Over-Subscription Privilege is set forth
in the Prospectus. Any excess payments otherwise to be refunded by
the Fund to Record Date Shareholders will be mailed by the
Subscription Agent to them as promptly as possible. It is
anticipated that confirmations will be issued on or shortly after
September 23, 2022. Newly issued
shares will not be entitled to the Fund's September
distribution.
Under the terms of the rights offering, shareholders as of the
Record Date were entitled to acquire one share of common stock for
each three shares held, up to an aggregate of 16.5 million shares
of common stock of the Fund, plus up to an additional 25% if the
offering was oversubscribed. Based on preliminary results provided
by the Fund's Subscription Agent, the Fund received requests for
approximately 20.3 million shares. The Fund expects to announce the
aggregate number of shares subscribed for and the total net
proceeds to the Fund on or about September
21, 2022.
About the Fund
Virtus Total Return Fund Inc. is a diversified closed end fund
whose investment objective is capital appreciation, with income as
a secondary objective. Virtus Investment Advisers, Inc. is the
investment adviser, and Duff & Phelps Investment Management
Co. and Newfleet Asset Management are the subadvisers to
the Fund. For more information on the Fund, contact Shareholder
Services at (866) 270-7788, by email at closedendfunds@virtus.com,
or through the closed-end fund section
of virtus.com.
About Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. pursues specialized
investment strategies with exceptional depth of resources and
expertise. With more than 35 years of experience managing
investment portfolios, Duff & Phelps has earned a reputation as
a leader in investing in global listed infrastructure, global
listed real estate, clean energy, and diversified real assets in
institutional separate accounts and open- and closed-end funds.
About Newfleet Asset Management
Newfleet Asset Management provides comprehensive fixed income
portfolio management in multiple strategies. The Newfleet
Multi-Sector Strategies team that manages the Virtus Total Return
Fund Inc. employs active sector rotation and disciplined risk
management to portfolio construction, avoiding interest rate bets,
and remaining duration neutral to each strategy's stated benchmark.
Newfleet Asset Management is a division of Virtus Fixed Income
Advisers, LLC, which is a registered investment adviser affiliated
with Virtus Investment Partners.
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 bottom of
this press release.
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SOURCE Virtus Total Return Fund Inc.