Virtus sets conversion ratio for 7.25% convertible preferreds

By Marisa Wong

Los Angeles, Jan. 30 – Virtus Investment Partners, Inc. announced that each share of its 7.25% series D mandatory convertible preferred stock will automatically convert into 0.7938 shares of common stock after the close of business on Feb. 3.

The company said it will issue cash in lieu of any fractional shares of common stock.

The final conversion rate of 0.7938 common shares per preferred share will result in the issuance of 912,870 shares of common stock, which will be available to begin trading on Feb. 4.

As previously announced, each holder of record as of the close of business on Jan. 15 will receive a final quarterly dividend of $1.8125 per preferred share, payable Feb. 3.

In addition, in connection with the automatic conversion, each preferred holder as of the close of business on Feb. 3 will receive a quarterly cash dividend of $0.67 per common share, payable through the conversion process.

Following the conversion, no shares of preferred stock will be issued or outstanding.

Virtus is a Hartford, Conn.-based investment management company.

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