Virtus Investment Partners Prices Public Equity Offerings

February 9, 2017

Virtus intends to use the net proceeds of these offerings to finance its previously announced acquisition of RidgeWorth Investments.

Willkie client Virtus Investment Partners, Inc., which operates a multi-manager asset management business, 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 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 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. Willkie is advising Virtus on its acquisition of RidgeWorth.

Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors.

The Willkie deal team included partners David Boston and Danielle Scalzo and associates Jonathan Kubek, Frances Dales, Christina Castedo and Ann-Christine Stepien.