SC 13D/A

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

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)

November 2, 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

 

30,169 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

30,169 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

30,169 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)

 

0.10%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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

 

128,959 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

128,959 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

128,959 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)

 

0.43%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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

 

477,903 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

477,903 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

477,903 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)

 

1.58%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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

 

83,964 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

83,964 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

83,964 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)

 

0.28%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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

 

1,569,635 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

1,569,635 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,569,635 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)

 

5.18%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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)  ☐        (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

 

2,634,803 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

2,634,803 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,634,803 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)

 

8.69%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

OO

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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)

 

(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

 

2,290,630 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

2,290,630 shares

           
(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,290,630 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)

 

7.56%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

IA

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 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

 

2,634,803 shares

     (9)   

SOLE DISPOSITIVE POWER

 

0 shares

   (10)     

SHARED DISPOSITIVE POWER

 

2,634,803 shares

(11)    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,634,803 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)

 

8.69%*

(14)  

TYPE OF REPORTING PERSON (see instructions)

 

IN

 

*

Percentage calculated based on 30,309,509 shares of common stock, par value $0.01 per share, outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 2020.


CUSIP No. 92827P102    13D    Page 10 of 10

 

This Amendment No. 6 to Schedule 13D (this “Amendment No. 6”) 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”), as amended by Amendment No. 1 to the Schedule 13D filed on July 7, 2020 (“Amendment No. 1”), Amendment No. 2 to the Schedule 13D filed on July 27, 2020 (“Amendment No. 2”), Amendment No. 3 to the Schedule 13D filed on August 17, 2020 (“Amendment No. 3”), Amendment No. 4 to the Schedule 13D filed on September 14, 2020 (“Amendment No. 4”) and Amendment No. 5 to the Schedule 13D filed on October 7, 2020 (“Amendment No. 5” and, together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and this Amendment No. 6, the “Schedule 13D”). Capitalized terms used and not defined in this Amendment No. 6 have the meanings set forth in the Original Schedule 13D, as amended.

Except as otherwise set forth below, the information set forth in the Schedule 13D remains unchanged.

Item 4. Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended to include the following:

In light of the entry by the Issuer into the Merger Agreement and the execution of the Settlement Agreement by the Reporting Persons, the Reporting Persons have determined to decrease their respective positions in the Issuer. In furtherance of the foregoing, the Reporting Persons have disposed of a portion of the securities of the Issuer owned by them, in open market transactions, as described in further detail in Item 5 below. The Reporting Persons presently intend to continue these disposition efforts depending on a variety of factors, including the prevailing trading price of the securities of the Issuer.

Item 5. Interest in Securities of the Issuer.

The first five paragraphs of Item 5(a) and (b) of this Schedule 13D are hereby amended and restated as follows:

The percentages in this Item 5 and in other provisions of this Schedule 13D relating to beneficial ownership of the Common Stock are based on 30,309,509 shares of Common Stock outstanding as of the close of business on October 9, 2020, as reported by Virtusa Corporation in its definitive proxy statement filed on October 20, 2020.

The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Schedule 13D are incorporated by reference.

As of 4:00 p.m., Eastern time, on November 3, 2020, the Reporting Persons beneficially owned 2,634,803 shares of Common Stock, representing approximately 8.69% of the Issuer’s outstanding shares of Common Stock.

As of 4:00 p.m., Eastern time, on November 3, 2020, pursuant to the Cash Derivative Agreements (as defined and disclosed in Item 6), New Mountain Vantage Co-Invest II, L.P. has economic exposure to, in the aggregate, 272,382 shares of Common Stock, representing approximately 0.90% of the Issuer’s outstanding shares of Common Stock.

As of 4:00 p.m., Eastern time, on November 3, 2020, the Reporting Persons, by ownership of shares of Common Stock and pursuant to the Cash Derivative Agreements, have combined economic exposure to, in the aggregate, 9.59% of the Issuer’s outstanding shares of Common Stock.

Item 5(c) of this Schedule 13D is hereby amended to include the following:

Except as set forth in Schedule 1 attached hereto, since Amendment No. 5, the Reporting Persons have not effected any transactions in the Common Stock.


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: November 3, 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

The following transactions in the Common Stock were effected since Amendment No. 5 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 LO, L.P.

     10/26/2020        (2,311   $ 50.20  

New Mountain Vantage LO, L.P.

     10/27/2020        (632   $ 50.20  

New Mountain Vantage LO, L.P.

     10/28/2020        (179   $ 50.22  

New Mountain Vantage LO, L.P.

     11/02/2020        (104   $ 50.24  

New Mountain Vantage LO, L.P.

     11/03/2020        (354   $ 50.22  

New Mountain Vantage Focus, L.P.

     10/26/2020        (9,879   $ 50.20  

New Mountain Vantage Focus, L.P.

     10/27/2020        (2,697   $ 50.20  

New Mountain Vantage Focus, L.P.

     10/28/2020        (765   $ 50.22  

New Mountain Vantage Focus, L.P.

     11/02/2020        (443   $ 50.24  

New Mountain Vantage Focus, L.P.

     11/03/2020        (1,513   $ 50.22  

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

     10/26/2020        (36,610   $ 50.20  

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

     10/27/2020        (9,996   $ 50.20  

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

     10/28/2020        (2,836   $ 50.22  

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

     11/02/2020        (1,644   $ 50.24  

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

     11/03/2020        (5,605   $ 50.22  

New Mountain Vantage, L.P.

     10/26/2020        (6,431   $ 50.20  

New Mountain Vantage, L.P.

     10/27/2020        (1,756   $ 50.20  

New Mountain Vantage, L.P.

     10/28/2020        (498   $ 50.22  

New Mountain Vantage, L.P.

     11/02/2020        (289   $ 50.24  

New Mountain Vantage, L.P.

     11/03/2020        (985   $ 50.22  

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

     10/26/2020        (141,105   $ 50.20  

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

     10/27/2020        (38,530   $ 50.20  

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

     10/28/2020        (10,931   $ 50.22  

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

     11/02/2020        (6,336   $ 50.24  

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

     11/03/2020        (21,606   $ 50.22  

New Mountain Vantage GP, L.L.C.

     10/26/2020        (26,364   $ 50.20  

New Mountain Vantage GP, L.L.C.

     10/27/2020        (7,200   $ 50.20  

New Mountain Vantage GP, L.L.C.

     10/28/2020        (2,042   $ 50.22  

New Mountain Vantage GP, L.L.C.

     11/02/2020        (1,184   $ 50.24  

New Mountain Vantage GP, L.L.C.

     11/03/2020        (4,037   $ 50.22