HOLON, Israel,
June 8, 2020 /PRNewswire/
-- Sapiens International Corporation, (NASDAQ:
SPNS) and (TASE: SPNS), a leading global provider of software
solutions for the insurance industry, today announced that it has
completed the public offering of non-convertible series B debenture
and the listing thereof on the Tel-Aviv Stock Exchange, for a sum
of approximately $60M bearing an
annual interest rate of 3.37%. Both institutional and
private investors participated in the offering.
"We are very pleased to have completed the sale of the Series B
debentures in Israel," said
Roni Al-Dor, President and CEO of
Sapiens. "The issuance of such debentures reinforces the market's
confidence in our ability to utilize the proceeds from this
offering properly and to repay this long-term debt in a timely
manner."
Al-Dor added: "The proceeds from these debentures will allow us
to repay our existing short-term bank loan of $20M, strengthen our balance sheet and liquidity,
provide us with additional working capital to support our
development needs, and enable us to pursue additional M&A
opportunities."
Following completion of the transaction, Sapiens will have
$120M of available cash on its
balance sheet and $120M of
non-convertible debenture spread over the next 5.5 years,
with the payments scheduled for January
1st , 2021 through January
1st , 2026. Following the transaction,
Sapiens has a total net debt of 0 and is profitable and generating
positive free cash flow quarter-over-quarter.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property & casualty,
life, pension & annuity, reinsurance, financial &
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 500
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
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SOURCE Sapiens International Corporation