Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that it has priced its concurrent underwritten public offerings, consisting of 910,000 shares of its common stock at a price to the public of $110.00 per share and 1,000,000 shares of its 7.25% mandatory convertible preferred stock at a price to the public and liquidation preference of $100.00 per share. In addition, the underwriters in each offering have been granted an option to purchase up to an additional 15 percent of the number of shares of common stock or the mandatory convertible preferred stock, as applicable.
The gross proceeds from the offerings will be approximately $200 million (or approximately $230 million if the underwriters exercise their options to purchase additional shares of common stock and mandatory convertible preferred stock in full), in each case, prior to deducting the underwriting discount and other estimated offering expenses. Virtus intends to use the net proceeds of 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 on 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.
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.
