Virtus Global Multi-Sector Income Fund
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VGI Virtus Global Multi-Sector Income Fund
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Company profile

Virtus Global Multi-Sector Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to maximize current income while preserving capital. The Fund seeks to achieve its investment objective by applying an approach and credit research to capitalize on opportunities across undervalued areas of the global bond market. The Fund's portfolio includes sectors, such as consumer discretionary, energy, consumer staples, financials, healthcare, industrials, information technology, materials, real estate, telecommunication services and utilities. The Fund may invest in direct debt instruments, which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund may invest in obligations of borrowers in bankruptcy proceedings. Virtus Investment Advisers, Inc. serves as the Fund's investment advisor. Newfleet Asset Management, LLC serves as the Fund's sub-advisor.

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Olive Garden parent upgraded after $1 billion liquidity announced, shares rise

8:54 am ET April 8, 2020 (MarketWatch)

Darden Restaurants Inc. (DRI) shares rose 6.3% in Wednesday premarket trading after the Olive Garden parent was upgraded to outperform from neutral at Wedbush based on its $1 billion in cash on hand. Wedbush raised its price target to $94 from $37. Darden said on Tuesday that it drew down $750 million from its revolving credit, which it had not touched, and had a new $270 million term loan agreement. The cash burn rate is $25 million per week. Its to-go business at both Olive Garden and Longhorn Steakhouse has grown for the quarter to date. For the week ending April 5, Olive Garden generated $39.1 million in sales and Longhorn Steakhouse tallied $19.9 million. Overall, Wedbush said casual chains, including Texas Roadhouse Inc. and Chuy's Holdings Inc. (CHUY), are well-positioned for the pandemic and the recovery. "Based on the cash burn we model through Q3 for each of our casual diners, we believe each has now secured ample liquidity," analysts said. Darden stock has slumped 50.6% over the past year while the S&P 500 index is down 8.2% for the period.

-Tonya Garcia; 415-439-6400;

(END) Dow Jones Newswires

April 08, 2020 08:54 ET (12:54 GMT)

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