Simpson Thacher represented the underwriters, led by Barclays and Morgan Stanley, in connection with concurrent SEC-registered offerings by Virtus Investment Partners, Inc. (“Virtus”) of (i) 910,000 shares of common stock with gross proceeds of $100.1 million (or 1,046,500 shares with gross proceeds of approximately $115.12 million if the underwriters exercise their option to purchase additional shares in full) and (ii) $115 million aggregate liquidation preference of 7.25% series D mandatory convertible preferred stock (which amount includes the underwriters election to exercise their option to purchase additional shares in full). Virtus intends to use the net proceeds from the offerings, together with cash on hand, proceeds from the sale of investments and borrowings pursuant to committed debt financing, to finance the acquisition of RidgeWorth Holdings, LLC (“RidgeWorth”) and to pay related fees and expenses.
Virtus is a provider of investment management and related services to individuals and institutions, with a multimanager, multi-style approach, offering investment strategies from affiliated managers and select unaffiliated subadvisers. RidgeWorth provides a wide variety of fixed income and equity strategies to institutional and individual clients through separate accounts, retirement plan investment options and mutual funds.
The Simpson Thacher team includes Lesley Peng, Roxane Reardon, Tadashi Okamoto and Sam Rudik (Capital Markets—common stock); Roxane Reardon, Lia Toback and Eva Kang (Capital Markets—preferred stock); Marcy Geller, Michael Badain and William Smolinski (Tax); Jennie Getsin (FINRA); and Jamin Koslowe and Alina Grinman (ECEB).