HOLON, Israel, June 1, 2020 /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,
announced today that it is pursuing a public offering in
Israel of additional Series B
non-convertible debentures.
Sapiens reported today to the Israel Securities Authority
("ISA") and the Tel-Aviv Stock Exchange ("TASE") that
the Company is pursuing a public offering in Israel of additional Series B non-convertible
debentures of the same series issued by Sapiens in 2017 for an
aggregate amount of up to $60 million
(the "Debentures") pursuant to a shelf prospectus filed by
Sapiens in September 2017. The
Debentures will mimic the terms of the currently outstanding
debentures, issued in Israel in
September 2017. If offered, the
Debentures will be denominated in NIS linked to the U.S.
dollar.
Roni Al-Dor, President and CEO of
Sapiens, said: "The funds to be raised through the issuance of the
additional debentures will improve our financial flexibility and
strengthen our balance sheet during these challenging times, when
the effects of the COV-19 epidemic remain unclear. These funds will
be used to replace a short term bank loan with long term debentures
and provide additional capital to support our development needs,
and will allow us to pursue potential M&A opportunities".
Further, Standard & Poor's Global Ratings Maalot Ltd.
("Maalot"), has published on June 1,
2020 a rating report regarding the Company. In its report,
Maalot reaffirmed the Company's ilA+ stable rating to support the
potential offering of the Debentures. In its report, Maalot
referred to the uncertainty surrounding the continued effects of
the COV-19 epidemic on the global economy.
About Sapiens
Sapiens International Corporation (NASDAQ: SPNS) (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 500 financial
services organizations. The Sapiens team of approximately 3,500
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
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. Factors that could cause actual
results, developments and business decisions to differ materially
from those anticipated in these forward-looking statements include,
among other things, the duration of the global COVID-19 pandemic,
which, if extensive, may continue to impact, in a material adverse
manner, our operations, financial position and cash flows, and
those of our customers and suppliers. 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, 2019,
and subsequent reports and registration statements filed from time
to time with the Securities and Exchange Commission.
Investor and Media Contact
Kim Rogers | Hayden IR
Sapiens
International
Mobile: +1 541-904-5075
Phone: + 1 385-831-7337
Email: SPNS@haydenir.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sapiens-is-pursuing-a-public-offering-in-israel-of-additional-series-b-non-convertible-debentures-301068650.html
SOURCE Sapiens International Corporation