Funds used to repay debt, for working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 6 - SPS Commerce, Inc. said it priced a $53.6 million public sale of stock with an $8.04 million greenshoe. The deal was announced Tuesday.
The company will sell 1.6 million common shares at $33.50 per share. The price per share is a 2.1% discount to the Sept. 5 closing share price of $34.22.
Stifel Nicolaus Weisel is the bookrunning manager. William Blair, JMP Securities and Needham & Co., LLC are lead managers, and Canaccord Genuity, Craig-Hallum Capital Group and Northland Capital Markets are co-managers.
Settlement is expected Sept. 11.
Proceeds will be used to repay debt under the company's line of credit and for working capital and general corporate purposes, including potential acquisitions.
The Minneapolis company provides on-demand supply chain management solutions.
| Issuer: | SPS Commerce, Inc.
|
| Issue: | Common stock
|
| Amount: | $53.6 million
|
| Greenshoe: | $8.04 million
|
| Shares: | 1.6 million
|
| Price: | $33.50
|
| Warrants: | No
|
| Bookrunner: | Stifel Nicolaus Weisel
|
| Announcement date: | Sept. 4
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 11
|
| Stock symbol: | Nasdaq: SPSC
|
| Stock price: | $34.22 at close Sept. 5
|
| Market capitalization: | $422.23 million
|
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