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Virtus Investment Partners proposes public offerings.

BANKING AND CREDIT NEWS-January 27, 2017-Virtus Investment Partners proposes public offerings

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Virtus Investment Partners, Inc. (NASDAQ: VRTS) is commencing concurrent underwritten public offerings of USD 100m of common stock and USD 100m of mandatory convertible preferred stock with a liquidation preference of USD 100.00 per share, the company said.

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.

The company said it 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.

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.

Virtus Investment Partners is a 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.

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 27, 2017
Words:232
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