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Virtus Investment starts public offering of common stock, preferred stock

Virtus Investment Partners Inc. is starting 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.

The company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock or mandatory convertible preferred stock.

Virtus plans to use the net proceeds from these offerings, together with cash on hand, proceeds from the sale of investments, and borrowings under its committed debt financing, to finance its proposed acquisition of RidgeWorth Investments and pay related fees and expenses. If the RidgeWorth acquisition is not completed, and the company does not exercise its option to redeem the mandatory convertible preferred stock, the net proceeds from the offerings would be available for general corporate purposes.

Barclays and Morgan Stanley will act as joint lead book-running managers for the offerings. J.P. Morgan and Bank of America Merrill Lynch will also serve as book-running managers for the offerings.