Tender Offers for Virtus Total Return Fund Inc.
Form Type: SC TO-I
Filing Date: 2025-01-07
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525002373
Comments: Virtus Total Return Fund Inc. filed a Tender Offer Statement on January 7, 2025, under Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934. The fund is offering to purchase up to 10% of its outstanding shares, equating to a maximum of 6,172,049.60 shares of its common stock. This offer is available to stockholders who properly tender their shares by 5:00 PM Eastern Time on February 6, 2025. The purchase price for the shares will be set at 98% of their net asset value as of the expiration date. The statement includes references to a summary term sheet, conditions of the tender offer, and various sections detailing the acceptance and payment for shares, procedures for tendering, rights of withdrawal, and federal income tax consequences. This filing is a new issuer tender offer by the Fund to buy back a portion of its shares on defined terms, aimed at distributing cash back to shareholders and managing capital on its balance sheet.
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Additional details:
Issuer Name: Virtus Total Return Fund Inc.
Offer Type: issuer tender offer
Number Of Shares Tendered: up to 6,172,049.60 shares
Expiration Date: 2025-02-06
Purchase Price Percentage: 98% of NAV
Form Type: SC TO-C
Filing Date: 2024-12-23
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312524284229
Comments: Virtus Total Return Fund Inc. has announced its first conditional tender offer to acquire an additional 10% of its outstanding shares. This offer was triggered due to the Fund's Average Trading Discount exceeding 12% during a designated measurement period from May 31, 2024, to November 26, 2024, with an average discount of 12.51%. The tender offer is expected to commence around January 7, 2025, and will expire approximately on February 5, 2025, unless extended. The shares will be acquired for cash at a price equal to 98% of the net asset value as of the close of trading on the expiration date, minus any related expenses. Detailed offering materials will be provided to shareholders at a later date, and the information will also be available on the SEC's website.
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Additional details:
Name Of Subject Company: Virtus Total Return Fund Inc.
Name Of Filing Person: Virtus Total Return Fund Inc.
Title Of Class Of Securities: Common Stock, Par Value $0.001 Per Share
Cusip Number: 92835W107
Contact Name: Kathryn Santoro
Contact Title: Vice President, Chief Legal Officer & Secretary
Contact Address: One Financial Plaza Hartford, CT 06103-2608
Contact Phone: 866-270-7788