Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that it is commencing concurrent underwritten public offerings of $100 million of common stock and $100 million of mandatory convertible preferred stock with a liquidation preference of $100.00 per share. In addition, Virtus expects to grant the underwriters in each respective offering a 30-day option to purchase up to an additional 15 percent of the number of shares of common stock or mandatory convertible preferred stock, as applicable.
Virtus intends to use the net proceeds from these offerings, together with cash on hand, proceeds from the sale of investments, and borrowings pursuant to its committed debt financing, to finance its previously announced acquisition of RidgeWorth Investments and pay related fees and expenses.
These offerings are separate public offerings made by means of separate prospectus supplements and are not contingent upon each other, or upon the consummation of the RidgeWorth acquisition, although the mandatory convertible preferred stock is subject to redemption at Virtus' option if the acquisition is not consummated. If for any reason the RidgeWorth acquisition is not consummated (and to the extent Virtus does not exercise its option to redeem the mandatory convertible preferred stock), the net proceeds from these offerings would be available for general corporate purposes.
Barclays and Morgan Stanley will act as joint lead bookrunning managers for the offerings. J.P. Morgan and BofA Merrill Lynch will also serve as bookrunning managers for the offerings.
About Virtus Investment Partners, Inc.
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliated managers include Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Rampart Investment Management, and Virtus ETF Solutions.
