Descartes $192M Million Bought Deal

On October 24, 2000, Waterloo, Ontario-based Descartes Systems Group Inc. (Descartes), a leading provider of end-to-end logistics solutions that facilitate B2B e-commerce, announced the successful completion of its sale of 3,000,000 common shares at C$64 per share in a bought deal for aggregate proceeds of C$192 million. The offering, which initially was to consist of 2 million common shares, was increased upon the agreement of the underwriters in early October to exercise an option to acquire an additional 1 million shares. This sale follows the public offering of US$75 million principal amount of convertible unsecured subordinated debentures due June 30, 2005, completed by Descartes in June 2000.

Blake, Cassels & Graydon LLP acted for Descartes on both offerings. Blakes’ team on the equity offering was comprised of Chris Hewat, John Kolada, Chris Javornik and Kym Zelinski and on the convertible debt offering also included Frank Arnone (securities) and Jeffrey Trossman and Peter Lee (tax). Wildeboer Rand Thomson Apps & Dellelce LLP acted for the underwriters on both offerings—Griffiths McBurney & Partners, Merrill Lynch Canada Inc. and RBC Dominion Securities Inc. on the equity offering, and Griffiths McBurney & Partners on the convertible debt offering. Wildeboer Rand’s team consisted of Robert Wortzman, Derek Sigel and Jim Lee.