Virtus Investment Partners Prices Stock Offering
Following the announcement on Sept. 9 of its intention to raise as much as $175 million via a common stock offering, Virtus Investment Partnerssaid today it would sell 1,129,032 shares of stock to the public at a price of $155 per share.
Virtus stock closed at $166.12 a share on Sept. 11, and the company had 7.8 million shares outstanding as of the end of Q2, 2013. The stock closed at $175.18 on Sept. 6.
Net of expenses associated with the stock offering, Virtus said it should garner approximately $166.3 million from the sales, excluding the underwriters' 30-day option to purchase up to an additional 169,354 additional shares. Net proceeds will be used to "expand its seed capital program for new investment strategies and funds; invest in other growth opportunities; and for general corporate purposes."
The stock offering is expected to close on or about Sept. 17.
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