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Virtus Investment Partners prices common, preferred stock offerings

Virtus Investment Partners Inc. has priced offerings of 910,000 common shares at $110.00 per share and 1 million 7.25% mandatory convertible preferred shares at $100.00 per share.

The underwriters have been granted the option in each offering to buy up to an additional 15% of the common or preferred shares as needed.

Gross proceeds from the offerings will be about $200 million, or about $230 million if the underwriters fully exercise their options in each offering. Virtus plans to use the net proceeds, along with cash on hand, proceeds from selling investments and borrowings under its committed debt financing, to finance its acquisition of RidgeWorth Investments and to pay related fees and expenses.

The offerings are expected to close on or about Feb. 1. Barclays and Morgan Stanley are joint lead book-running managers, and J.P. Morgan and Bank of America Merrill Lynch are book-running managers.