EverCommerce Announces Withdrawal of Previously Announced Follow-On Offering
EverCommerce Inc. a leading service commerce platform, has determined that given Wednesday’s market conditions it is not in the best interest of the company and its shareholders to raise equity capital at this time and intends to withdraw its previously announced underwritten public offering of common stock.
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As previously announced, concurrent with the launch of the equity offering, the Company launched a $200 million upsize of its existing term loan facility under its credit agreement (the “Term Loan Upsize”). The Company intends to continue to pursue the Term Loan Upsize and will use the proceeds therefrom to repay approximately $190 million currently outstanding under its revolving credit facility and for general corporate purposes, which may include the acquisition of, or investment in, technologies, solutions, or businesses that complement our business.
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