HARTFORD, Conn., March 16, 2017 /PRNewswire/ -- Virtus Total
Return Fund (NYSE: DCA) today announced that its tender offer for
10,986,443.69 of its issued and outstanding shares of common stock,
representing approximately 40 percent of the fund's outstanding
shares, expired at 11:59 p.m.,
New York time, on March 15, 2017.
Based upon current information, approximately 17,623,275 shares
were tendered, including shares tendered pursuant to notices of
guaranteed delivery. Based on this preliminary information, the
pro-ration for each tendering stockholder is estimated to be
62.3405 percent of the shares properly tendered. These numbers are
subject to adjustment and should not be regarded as final. The
actual number of shares to be purchased is anticipated to be
announced on March 22, 2017. Payment
for such shares will be made on or about March 27, 2017. The purchase price of properly
tendered shares is 99 percent of the net asset value per share
determined as of the close of the regular trading session of the
New York Stock Exchange (NYSE) on March 15,
2017, which is equal to $4.8708 per share.
About the Fund
The Virtus Total Return Fund is a
non-diversified closed-end fund with an objective of total return,
consisting of both capital appreciation and current income, as
determined by the fund's investment adviser, Virtus Investment
Advisers, Inc. The fund has been managed since December 9, 2011 by Duff & Phelps Investment
Management Co. and Newfleet Asset Management, LLC.
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 on the web at
www.virtus.com.
About Duff & Phelps Investment Management Co.
Duff
& Phelps Investment Management Co. has more than 35 years of
experience managing investment portfolios, including institutional
separate accounts and open- and closed-end funds investing in
utilities, infrastructure, real estate investment trusts (REITs),
and master limited partnerships (MLPs). For more information about
Duff & Phelps, visit www.dpimc.com.
About Newfleet Asset Management
Newfleet Asset
Management provides comprehensive fixed income portfolio management
in multiple strategies. Newfleet Multi-Sector Strategies leverages
the knowledge and skill of a team of investment professionals with
expertise in every sector of the bond market, including evolving,
specialized, and out-of-favor sectors. The team 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. For more information
visit www.newfleet.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 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.
Forward-Looking Information
This press release
contains statements that are, or may be considered to be,
forward-looking statements. All statements that are not historical
facts, including statements about beliefs or expectations, are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements may be
identified by such forward-looking terminology as "expect,"
"estimate," "plan," "intend," "believe," "anticipate," "may,"
"will," "should," "could," "continue," "project," or similar
statements or variations of such terms. Forward-looking statements
are based on a series of expectations, assumptions, and
projections; are not guarantees of future results or performance;
and may involve risks and uncertainty. All forward-looking
statements are as of the date of this release only; the funds
undertake no obligation to update or review any forward-looking
statements. The funds can give no assurance that such expectations
or forward-looking statements will prove to be correct. Actual
results may differ materially. You are urged to carefully consider
all such factors.
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SOURCE Virtus Total Return Fund