HOLON, Israel, September 14, 2017 /PRNewswire/ --
Sapiens International Corporation (NASDAQ and 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 has consummated a public offering in
Israel of NIS 234.14 million, linked to US
dollars, (approximately $66.2
million) principal amount of a new series of
non-convertible, unsecured debentures, the Company's Series B
Debentures.
(Logo:
http://photos.prnewswire.com/prnh/20160803/395300LOGO )
The Series B Debentures will be listed for trading on the
Tel-Aviv Stock Exchange and will bear interest at an annual rate of
3.37%, with semi-annual interest payments (commencing in
January 2018) and annual principal
payments (commencing in January 2019)
to be made through the maturity date of January 1, 2026.
The offering of the Series B Debentures was consummated to
Israeli institutional and public investors pursuant to a shelf
prospectus and supplementary shelf offering report that Sapiens
filed in Israel. The offering was
conducted solely in Israel,
pursuant to Regulation S under the U.S. Securities
Act.
"Sapiens is very pleased with the results of this public debt
offering in Israel," said
Roni Al-Dor, President and CEO of
Sapiens. "This offering has diversified our sources of financing
and improved our financial flexibility. It is part of our
continuous effort to optimize our balance sheet and capital
structure."
Al-Dor added: "We will be using this new long term debt for
general corporate purposes, including repayment of our existing
bank loan, strengthening our balance sheet, providing us with
additional working capital to support our development needs, and
pursuing additional M&A business opportunities as they
arise."
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 Sapiens' Series B
Debentures in the United States.
The Series B Debentures may not be offered or sold in the United States absent registration under
the U.S. Securities Act of 1933 or an exemption from the
registration requirements thereunder. The offering of the Series B
Debentures was made pursuant to Sapiens' Israeli shelf prospectus
and supplemental shelf offering report only in Israel to residents of Israel, and was not 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 Statements
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.D of
our Annual Report on Form 20-F for the year ended December 31, 2016, and subsequent reports and
registration statements furnished to, or filed with, the Securities
and Exchange Commission from time to time.
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