EverCommerce Announces Withdrawal of Previously Announced Follow-On Offering

Rhea-AI Summary

EverCommerce Inc. (Nasdaq: EVCM) announced it will withdraw its previously planned public offering of common stock due to unfavorable market conditions. The decision aims to protect the interests of the company and its shareholders. Concurrently, EverCommerce will pursue a $200 million upsize of its existing term loan facility to repay about $190 million outstanding under its revolving credit facility. The funds may also support acquisitions or investments in complementary technologies and solutions.

Positive

• Plans to pursue a $200 million upsize of its term loan facility to improve capital structure.
• Intends to use loan proceeds for strategic acquisitions and investments to enhance business operations.

Negative

• Withdrawal of the public offering may indicate potential liquidity concerns.
• Decision to avoid equity capital raising could limit financial flexibility in unfavorable market conditions.

DENVER, Nov. 18, 2021 (GLOBE NEWSWIRE) -- EverCommerce Inc. (Nasdaq: EVCM) (“EverCommerce”), 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.

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.

About EverCommerce

EverCommerce is a leading service commerce platform, providing vertically-tailored, integrated software-as-a-service (SaaS) solutions that help more than 500,000 service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between service professionals and their end consumers. Specializing in Home Services, Health Services, and Fitness & Wellness Services industries, EverCommerce solutions include end-to-end business management software, integrated payment acceptance, marketing technology, and customer engagement applications. Learn more at EverCommerce.com.

Investor Contact 
Brad Korch
SVP Investor Relations
720-796-7664 
bkorch@evercommerce.com

Media Contact 
Meagan Dorsch
VP of Communications
303-915-0823 
mdorsch@evercommerce.com

FAQ

What did EverCommerce announce on November 18, 2021 regarding its public offering?

EverCommerce announced it will withdraw its previously planned public offering of common stock due to unfavorable market conditions.

How much is EverCommerce planning to upsize its term loan facility?

EverCommerce plans to upsize its existing term loan facility by $200 million.

What will EverCommerce use the proceeds from the term loan upsize for?

The proceeds will be used to repay about $190 million of outstanding debt and may also support acquisitions or investments.

What does the withdrawal of the public offering signify for EverCommerce?

The withdrawal may indicate potential liquidity concerns and could limit financial flexibility for EverCommerce.