Sec Form 13D Filing - NEW MOUNTAIN VANTAGE ADVISERS L.L.C. filing for VIRTUSA CORP (EXLS) - 2020-07-07

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

Virtusa Corporation

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

92827P102

(CUSIP Number)

New Mountain Vantage Advisers, L.L.C.

787 Seventh Avenue, 49th Floor

New York, NY 10019

(212) 720-0300

With a copy to:

Russell Leaf

Jared Fertman

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

(212) 728-8000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

June 23, 2020

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ☐

 

 

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 92827P102    13D    Page 2 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage LO, L.P.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  WC

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  28,517 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  28,517 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  28,517 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  0.09%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   PN

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 3 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage Focus, L.P.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  WC

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  144,256 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  144,256 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  144,256 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  0.48%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   PN

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 4 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage (California) II, L.P.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  WC

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  534,594 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  534,594 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  534,594 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  1.77%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   PN

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 5 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage, L.P.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  WC

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  478,923 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  478,923 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  478,923 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  1.59%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   PN

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 6 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage Co-Invest II, L.P.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  WC

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  1,519,871 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  1,519,871 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  1,519,871 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  5.04%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   PN

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 7 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage GP, L.L.C.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐   0;     (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  AF

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  2,706,161 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  2,706,161 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,706,161 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  8.98%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   OO

* Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 8 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  New Mountain Vantage Advisers, L.L.C.

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  AF

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  & 10;

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  2,706,161 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  2,706,161 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,706,161 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  8.98%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   IA

 

*

Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 9 of 10

 

  (1)    

  NAMES OF REPORTING PERSONS

 

  Steven B. Klinsky

  (2)    

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

  (a)  ☐        (b)  ☐

 

  (3)    

  SEC USE ONLY

 

  (4)    

  SOURCE OF FUNDS (see instructions)

 

  AF, PF

  (5)    

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  (6)    

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  United States of America

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

    (7)     

  SOLE VOTING POWER

 

  0 shares

  (8)     

  SHARED VOTING POWER

 

  2,706,161 shares

  (9)     

  SOLE DISPOSITIVE POWER

 

  0 shares

  (10)     

  SHARED DISPOSITIVE POWER

 

  2,706,161 shares

(11)    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,706,161 shares

(12)    

  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)

 

  ☐

(13)    

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  8.98%*

(14)    

  TYPE OF REPORTING PERSON (see instructions)

 

   IN

* Percentage calculated based on 30,132,817 shares of common stock, par value $0.01 per share, outstanding as of May 22, 2020, as reported by Virtusa Corporation in its Form 10-K filed on May 28, 2020.


CUSIP No. 92827P102    13D    Page 10 of 10

 

This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) relates to shares of common stock, par value $0.01 per share (the “Common Stock”), of Virtusa Corporation (the “Issuer”) and amends the Schedule 13D filed on July 6, 2020 (the “Original Schedule 13D” and, together with this Amendment No. 1, the “Schedule 13D”). Capitalized terms used and not defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D.

This Amendment No. 1 is being filed to amend Item 5 of the Schedule 13D as follows:

Item 5. Interest in Securities of the Issuer

(c) Due to a technical error, the transactions in the Common Stock effected during the past 60 days by the Reporting Persons were inadvertently omitted from the Original Schedule 13D. Such transactions are set forth on Schedule 1 attached hereto.


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: July 7, 2020

 

NEW MOUNTAIN VANTAGE LO, L.P.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE FOCUS, L.P.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE (CALIFORNIA) II, L.P.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE, L.P.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE CO-INVEST II, L.P.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE GP, L.L.C.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person
NEW MOUNTAIN VANTAGE ADVISERS, L.L.C.
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person


STEVEN B. KLINSKY
By:  

/s/ Joseph Hartswell

  Name: Joseph Hartswell
  Title: Authorized Person


SCHEDULE 1

TRANSACTIONS IN THE COMMON STOCK EFFECTED DURING THE PAST 60 DAYS BY THE REPORTING PERSONS

The following transactions in the Common Stock were effected during the past 60 days by the Reporting Persons in the open market:

 

Name of Reporting Person    Date of
Transaction
     Amount of
Security
Bought / (Sold)
    Price Per Share
(including brokerage
commissions and
transaction costs)
 

New Mountain Vantage Focus, L.P.

     5/14/2020        14,000     $ 24.42  

New Mountain Vantage Focus, L.P.

     5/15/2020        25,000     $ 27.58  

New Mountain Vantage (California) II, L.P.

     6/23/2020        64,760     $ 31.24  

New Mountain Vantage (California) II, L.P.

     6/23/2020        (64,760 )*    $ 31.19  

New Mountain Vantage (California) II, L.P.

     6/24/2020        64,760     $ 30.06  

New Mountain Vantage (California) II, L.P.

     6/24/2020        (64,760 )*    $ 30.03  

New Mountain Vantage (California) II, L.P.

     6/25/2020        69,386     $ 31.32  

New Mountain Vantage (California) II, L.P.

     6/25/2020        (69,386 )*    $ 31.28  

New Mountain Vantage (California) II, L.P.

     6/26/2020        69,386     $ 30.76  

New Mountain Vantage (California) II, L.P.

     6/26/2020        (69,386 )*    $ 30.73  

New Mountain Vantage (California) II, L.P.

     6/29/2020        69,386     $ 31.52  

New Mountain Vantage (California) II, L.P.

     6/29/2020        (69,386 )*    $ 31.49  

New Mountain Vantage (California) II, L.P.

     6/30/2020        69,386     $ 32.14  

New Mountain Vantage (California) II, L.P.

     6/30/2020        (69,386 )*    $ 32.12  

New Mountain Vantage (California) II, L.P.

     7/1/2020        69,386     $ 31.54  

New Mountain Vantage (California) II, L.P.

     7/1/2020        (69,386 )*    $ 31.50  

New Mountain Vantage (California) II, L.P.

     7/2/2020        58,144     $ 32.07  

New Mountain Vantage (California) II, L.P.

     7/2/2020        (58,144 )*    $ 32.05  

New Mountain Vantage, L.P.

     5/14/2020        23,837   $ 24.66  

New Mountain Vantage, L.P.

     5/15/2020        54,000   $ 27.64  

New Mountain Vantage, L.P.

     6/23/2020        47,240     $ 31.24  

New Mountain Vantage, L.P.

     6/23/2020        (47,240 )*    $ 31.19  

New Mountain Vantage, L.P.

     6/24/2020        47,240     $ 30.06  

New Mountain Vantage, L.P.

     6/24/2020        (47,240 )*    $ 30.03  

New Mountain Vantage, L.P.

     6/25/2020        50,614     $ 31.32  

New Mountain Vantage, L.P.

     6/25/2020        (50,614 )*    $ 31.28  

New Mountain Vantage, L.P.

     6/26/2020        50,614     $ 30.76  

New Mountain Vantage, L.P.

     6/26/2020        (50,614 )*    $ 30.73  

New Mountain Vantage, L.P.

     6/29/2020        50,614     $ 31.52  

New Mountain Vantage, L.P.

     6/29/2020        (50,614 )*    $ 31.49  

New Mountain Vantage, L.P.

     6/30/2020        50,614     $ 32.14  

New Mountain Vantage, L.P.

     6/30/2020        88,959     $ 32.11  

New Mountain Vantage, L.P.

     6/30/2020        (50,614 )*    $ 32.12  


New Mountain Vantage, L.P.

     6/30/2020        (88,959 )*    $ 32.07  

New Mountain Vantage, L.P.

     7/1/2020        50,614     $ 31.54  

New Mountain Vantage, L.P.

     7/1/2020        (50,614 )*    $ 31.50  

New Mountain Vantage, L.P.

     7/2/2020        42,414     $ 32.07  

New Mountain Vantage, L.P.

     7/2/2020        (42,414 )*    $ 32.05  

New Mountain Vantage Co-Invest II, L.P.

     5/14/2020        49,000   $ 24.66  

New Mountain Vantage Co-Invest II, L.P.

     5/15/2020        105,000   $ 27.64  

New Mountain Vantage Co-Invest II, L.P.

     6/24/2020        3,200     $ 30.09  

New Mountain Vantage Co-Invest II, L.P.

     6/24/2020        (3,200 )*    $ 30.08  

New Mountain Vantage Co-Invest II, L.P.

     6/25/2020        1,613     $ 30.50  

New Mountain Vantage Co-Invest II, L.P.

     6/25/2020        (2,500 )*    $ 30.48  

New Mountain Vantage Co-Invest II, L.P.

     6/26/2020        887     $ 30.50  

New Mountain Vantage Co-Invest II, L.P.

     7/1/2020        105,171     $ 31.53  

New Mountain Vantage Co-Invest II, L.P.

     7/1/2020        (103,536 )*    $ 31.49  

New Mountain Vantage Co-Invest II, L.P.

     7/2/2020        92,381     $ 32.12  

New Mountain Vantage Co-Invest II, L.P.

     7/2/2020        (94,016 )*    $ 32.11  

* denotes transactions pursuant to the Cash Derivative Agreements