Virtus draws $105 million incremental term loans to acquire SGA

By Marisa Wong

Morgantown, W.Va., July 2 – Virtus Investment Partners, Inc. borrowed $105 million of term loans on Monday to help fund an acquisition, according to an 8-K filing with the Securities and Exchange Commission.

Subsidiary Virtus Partners, Inc. used loan proceeds along with balance sheet resources to acquire 70% of the outstanding limited partnership interests of Sustainable Growth Advisers, LP and 100% of the outstanding membership interests of Sustainable Growth Adviser’s general partner, SGIA, LLC.

The incremental senior secured covenant-light term loan B due June 1, 2024 was repriced at Libor plus 250 basis points in February, as previously reported.

Virtus is a Hartford, Conn.-based provider of investment management products and services.

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