Docebo Inc. provided an update on its substantial issuer bid to repurchase up to US$60,000,000 of common shares at US$20.40 per share, with Intercap (56.6% shareholder) now intending to participate to manage capital while maintaining ownership. The company amended its credit facility to US$100,000,000 to fund half the offer.
Key takeaways
Substantial issuer bid for up to US$60,000,000 of common shares at US$20.40 per share, expiring March 10, 2026
Intercap (56.6% owner) changed intention to participate in offer due to capital management
Credit facility increased to US$100,000,000 via amended agreement with National Bank of Canada
Offer funding: US$30,000,000 cash on hand + US$30,000,000 credit drawdown
Board supports offer as trading price undervalues business prospects
Amended facility has 3-year term, variable interest, and US$50,000,000 accordion feature