HOLON, Israel, September 18, 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 entered into agreements with Israeli
accredited investors for the private placement of additional
principal amounts of the Company's Series B Debentures, for
aggregate proceeds of NIS 45.65
million (approximately US $12.9
million). Upon issuance of these additional debentures,
Sapiens will have sold the entire NIS 280
million principal amount of Series B Debentures that it
offered in Israel.
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The issuance of these additional Series B Debentures is subject
to the approval of the Tel Aviv Stock Exchange for the listing for
trading thereon. Once issued, the terms of these additional Series
B Debentures will echo, for all purposes, the terms of the Series B
Debentures recently offered publicly by Sapiens in Israel.
"We are very pleased that we are able to complete the sale of
the entirety of our Series B debenture series in Israel as planned," said Roni Al-Dor, President and CEO of Sapiens. "The
additional, private sales of debentures reinforce 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: "As with the public offering of debentures, the
proceeds from these private-placed debentures will also be utilized
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 private placement of the
Series B Debentures described in this press release was made only
in Israel to Israeli accredited
investors, 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