Descartes Systems Prices Public Offering Of Shares At $13.50/shr

(RTTNews) - Descartes Systems Group (DSG.TO, DSGX), a provider of cloud-based services, announced the pricing of its public offering of common shares in the U.S and Canada.

Descartes will offer 9.5 million shares at a price of $13.50 per common share, for gross proceeds of $128.25 million. The underwriters have the option to purchase up to 1.425 million additional shares.

If the option is exercised in full, gross proceeds of the offering will be $147.49 million. The offering is scheduled to close on July 2.

Descartes plans to use the net proceeds of the offering for general corporate purposes, including for potential acquisition opportunities, as well as for possible repayment of outstanding debt under its revolving debt facility.