HOLON, Israel, August 7, 2017 /PRNewswire/ --
Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector,
today announced that it is considering a public offering in
Israel of a new series of
debentures.
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Sapiens reported today to the Israel Securities Authority
("ISA") and the Tel-Aviv Stock Exchange ("TASE") that the Company
is considering a public offering in Israel of a new series of debentures-Series B
Debentures (the "Debentures") - pursuant to a shelf prospectus that
Sapiens filed today in Israel. If
offered, the Debentures will be denominated in U.S. dollars.
Any such offering would require the filing of a supplementary
shelf offering report, which itself is subject to certain
approvals. The offering of Debentures would be made solely in
Israel, pursuant to Regulation S
under the U.S. Securities Act.
"Sapiens is always seeking to diversify its sources of financing
in order to improve its financial flexibility," said Roni Al-Dor, President and CEO of Sapiens. "This
is part of our continuous effort to optimize our balance sheet and
capital structure. We are looking to raise new long term debt which
will also replace our current bank loan with longer maturity debt,
and to lock in a long-term interest rate".
Al-Dor added: "Our goal is to strengthen our balance sheet, to
provide additional working capital to support our customers'
development needs and to continue to pursue M&A business
opportunities we see ahead".
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector. We offer core, end-to-end solutions to the global general
insurance, property and casualty, life, pension and annuities, and
retirement markets, as well as business decision management
software. We have a track record of over 30 years in delivering
superior software solutions to more than 400 financial services
organizations. The Sapiens team of approximately 2,500
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com.
No Offering in U.S.
This press release is not an offer of securities for sale in
the United States. Securities may
not be offered or sold in the United
States absent registration under the Securities Act or an
exemption from the registration requirements thereunder. Any
offering of securities pursuant to the Israeli shelf prospectus
filed by Sapiens and any supplemental shelf offering report will be
made only in Israel to residents
of Israel, will not be registered
under the Securities Act and will not be offered or sold in
the United States or to U.S.
persons (as defined in Regulation S under the Securities Act),
except pursuant to an applicable exemption from registration under
the Securities Act.
Forward Looking Statement
Some of the statements in this press release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements (although not all forward-looking
statements include such words). These forward-looking statements,
which may include, without limitation, projections regarding our
future performance and financial condition, are made on the basis
of management's current views and assumptions with respect to
future events. Any forward-looking statement is not a guarantee of
future performance and actual results could differ materially from
those contained in the forward-looking statement.
These statements speak only as of the date they were made, and
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. We operate in a changing environment. New risks
emerge from time to time and it is not possible for us to predict
all risks that may affect us. For more information regarding these
risks and uncertainties, as well as certain additional risks that
we face, please refer to the Risk Factors detailed in Item 3 of
Part III of our Annual Report on Form 20-F for the year ended
December 31, 2016, and subsequent
reports and registration statements filed from time to time with
the Securities and Exchange Commission.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com
SOURCE Sapiens International Corporation