|By Business Wire||
|January 6, 2014 04:24 PM EST||
Virtusa Corporation (NASDAQ GS: VRTU) today announced that it intends to offer 2,300,000 shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement. The last reported sale price of Virtusa’s common stock on January 3, 2014 was $36.71 per share. All 2,300,000 shares are being offered by Virtusa. In connection with the offering, Virtusa has granted to the underwriters a 30-day option to purchase up to 345,000 additional shares of common stock.
Net proceeds from the offering are expected to be used to repay the outstanding borrowings of $20 million drawn down under Virtusa’s new $25 million revolving credit facility to fund its January 2, 2014 acquisition of Trade Tech Consulting Scandinavia AB and its subsidiaries. The remaining net proceeds are expected to be used for general corporate purposes, which may include, among other things, financing of possible strategic acquisitions, working capital and/or capital expenditures, including facilities expansion.
J.P. Morgan Securities LLC is acting as sole book-running manager for the offering. William Blair & Company, L.L.C., Janney Montgomery Scott LLC, and Needham & Company, LLC are acting as co-managers for the offering. The proposed offering is being made pursuant to an effective shelf registration statement, and only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (866) 803-9204.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Virtusa Corporation
Virtusa provides end-to-end information technology (IT) services to Global 2000 companies. Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.
This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our expectations regarding the completion and anticipated proceeds of the public offering. These statements are based on management's current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results could differ materially from those anticipated due to certain risks and uncertainties including, without limitation, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. There can be no assurance that Virtusa will be able to complete the public offering on the anticipated terms, or at all. Virtusa undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Virtusa, see the disclosure contained in Virtusa's public filings with the Securities and Exchange Commission, including the prospectus supplement and accompanying prospectus relating to the proposed offering, Virtusa's Annual Report on Form 10-K for the fiscal year ended March 31, 2013, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission.
May. 4, 2016 09:00 PM EDT Reads: 1,403
May. 4, 2016 07:30 PM EDT Reads: 1,691
May. 4, 2016 07:00 PM EDT Reads: 1,307
May. 4, 2016 07:00 PM EDT Reads: 1,271
May. 4, 2016 05:30 PM EDT Reads: 1,382
May. 4, 2016 05:15 PM EDT Reads: 396
May. 4, 2016 05:00 PM EDT Reads: 1,321
May. 4, 2016 04:30 PM EDT Reads: 824
May. 4, 2016 03:30 PM EDT Reads: 632
May. 4, 2016 03:00 PM EDT Reads: 1,054
May. 4, 2016 03:00 PM EDT Reads: 1,176
May. 4, 2016 02:00 PM EDT Reads: 1,287
May. 4, 2016 02:00 PM EDT Reads: 1,226
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 4, 2016 01:45 PM EDT Reads: 1,341