Sec Form 13D Filing - Magnetar Financial LLC filing for TRIPLE-S MANAGEMENT CORP (GTS) - 2021-09-10

This Statement relates to Shares held for the accounts of each of (i)  Magnetar PRA Master Fund Ltd, a Cayman Islands exempted company (“PRA Master Fund”), (ii) Magnetar Constellation Fund II-PRA LP, a Delaware limited partnership (“Constellation Fund”), and (iii) Magnetar Systematic Multi-Strategy Master Fund Ltd, a Cayman Islands exempted company, (“Systematic Master Fund”), collectively (the “Funds”).

Magnetar Financial is a Securities and Exchange Commission (“SEC”) registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended, and manager of investment funds and managed accounts. Magnetar Financial serves as investment adviser to each of the Funds. In such capacity, Magnetar Financial exercises voting and investment power over the Shares held for the accounts of each of the Funds. Magnetar Capital Partners serves as the sole member and parent holding company of Magnetar Financial. Supernova Management is the general partner of Magnetar Capital Partners. The manager of Supernova Management is Mr. Litowitz.

(b)           The business address of each of the Reporting Persons is 1603 Orrington Avenue, 13^th Floor, Evanston, Illinois 60201.

(c)           Each of the Funds is a private investment fund; Magnetar Financial is a privately-held SEC registered investment adviser and manager of investment funds and managed accounts; Magnetar Capital Partners is a privately-held limited partnership and serves as the sole member and parent holding company of Magnetar Financial; Supernova Management is a privately-held limited liability company and is the general partner of Magnetar Capital Partners; and Mr. Litowitz is a citizen of the United States of America, manager of Supernova Management and Chief Executive Officer of Magnetar Financial.

(d)           None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)           None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)            Magnetar Financial is a Delaware limited liability company. Magnetar Capital Partners is a Delaware limited partnership. Supernova Management is a Delaware limited liability company. Mr. Litowitz is a citizen of the United States of America.

The aggregate amount of funds used by the Reporting Persons in purchasing the 1,291,540 Shares reported herein on behalf of the Funds have come directly from the assets of the Funds, which may at any given time, have included margin loans made by brokerage firms in the ordinary course of business. The aggregate amount of funds used by the Reporting Persons in purchasing the Shares on behalf of the Funds was $45,562,620.40 (excluding commissions and other execution-related costs).

The Reporting Persons acquired the 1,291,540 Shares reported herein on behalf of the Funds after the public announcement of the Merger Agreement (as defined below) for purposes of receiving the merger consideration described below upon consummation of the Merger (as described below).

Each of the Reporting Persons reserves the right to acquire additional securities of the Company in the open market, in privately negotiated transactions, or otherwise, to dispose of all or a portion of the Shares and/or other securities reported in this Statement, or to change their intention with respect to any or all of the matters referred to in this Item 4.

Other than as described above in this Item 4, the Reporting Persons do not have any plans or proposals that relate to, or would result in, any actions or events specified in clauses (a) through (j) of Item 4 to Schedule 13D.

The Company reported in their Form 8-K filed on August 24, 2021 that 23,795,952 Shares were issued and outstanding as of August 19, 2021.

(a)           As of the close of business September 8, 2021, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,291,540 Shares, which consisted of (i) 742,194 Shares held for the benefit of PRA Master Fund, (ii) 411,825 Shares held for the benefit of Constellation Fund; and (iii) 137,521 Shares held for the benefit of Systematic Master Fund, and all such Shares represented beneficial ownership of approximately 5.43% of the Shares.

(b)           As of the close of business September 8, 2021, each of the Reporting Persons may have been deemed to share the power to vote and direct the disposition of 1,291,540 Shares, which consisted of (i) 742,194 Shares held for the benefit of PRA Master Fund, (ii) 411,825 Shares held for the benefit of Constellation Fund; and (iii) 137,521 Shares held for the benefit of Systematic Master Fund, and all such Shares represented beneficial ownership of approximately 5.43% of the Shares.

(c)           Except as set forth on Schedule A attached hereto and Item 6, the Funds had no transactions in the Shares during the 60 days preceding the date of filing of this Statement. All of the transactions set forth on Schedule A attached hereto were effected in the ordinary course of business of Magnetar Financial for the accounts of each of the Funds. The transactions in the Shares set forth on Schedule A were effected in open market transactions on the NYSE and various other trading markets.

As disclosed by the Company in the 8-K filed with the SEC on August 23, 2021:

On August 23, 2021, Triple-S Management Corporation, a Puerto Rico corporation (“Triple-S”), GuideWell Mutual Holding Corporation, a Florida not-for-profit mutual insurance holding company (“GuideWell”), and GuideWell Merger, Inc., a Delaware corporation and a wholly owned subsidiary of GuideWell (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, subject to the satisfaction or waiver of certain conditions and on the terms set forth therein, Merger Sub will be merged with and into Triple-S, with Triple-S surviving the merger as a wholly-owned subsidiary of GuideWell (the “Merger”).

At the effective time of the Merger (the “Effective Time”), each share of Triple-S common stock, par value $1.00 per share (the “Triple-S Common Stock”) (other than (i) treasury shares of Triple-S Common Stock held by Triple-S and any shares of Triple-S Common Stock beneficially owned by GuideWell or Merger Sub, which shares will be automatically canceled and retired in the Merger for no consideration, (ii) Triple-S RSAs (as defined below), which will be treated in the Merger as described below and (iii) any shares of Triple-S Common Stock with respect to which dissenters’ rights have been exercised, which will be treated in the Merger as set forth in the Merger Agreement), will be automatically canceled and retired and converted into the right to receive $36.00 in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”).

(d)           No other person is known by the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any Shares that are beneficially owned by the Reporting Persons.

Item 6.                 contracts, arrangements, understandings or relationships with respect to the securities of the issuer

Pursuant to Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, and any amendment or amendments hereto.

Except as otherwise described herein, no contracts, arrangements, understandings or similar relationships exist with respect to the securities of the Company among or between the Reporting Persons or any other person or entity.

SIGNATURE

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:     September 10, 2021

SCHEDULE A

Funds

(1)Excludes commissions and other execution-related costs.

(2) Upon request by the staff of the Securities and Exchange Commission, full information regarding the number of shares bought or sold (as the case may be) at each separate price will be provided.

(3) Reflects a weighted average purchase price of $35.04742 per share, at prices ranging from $34.71 to $35.48 per share.

(4) Reflects a weighted average purchase price of $35.39267 per share, at prices ranging from $35.11 to $35.48 per share.

(5) Reflects a weighted average purchase price of $35.38052 per share, at prices ranging from $35.30 to $35.52 per share.

(6) Reflects a weighted average purchase price of $35.47102 per share, at prices ranging from $35.40 to $35.50 per share.

(7) Reflects a weighted average purchase price of $35.42246 per share, at prices ranging from $35.16 to $35.51 per share.

(8) Reflects a weighted average purchase price of $35.49039 per share, at prices ranging from $35.36 to $35.57 per share.

(9) Reflects a weighted average purchase price of $35.58169 per share, at prices ranging from $35.41 to $35.82 per share.

(10) Reflects a weighted average purchase price of $35.60174 per share, at prices ranging from $35.50 to $35.66 per share.

(11) Reflects a weighted average purchase price of $35.74664 per share, at prices ranging from $35.54 to $35.82 per share.

(12) Reflects a weighted average purchase price of $35.54723 per share, at prices ranging from $35.43 to $35.80 per share.

(13) Reflects a weighted average purchase price of $35.48690 per share, at prices ranging from $35.35 to $35.58 per share.

EXHIBIT INDEX