Perion Network Announces Results of Institutional Tender for Convertible Bonds in Israeli Public Offering
September 22 2014 - 11:32AM
Business Wire
Perion Network Ltd. (NASDAQ: PERI) (TASE: PERI) today announced
the results of its tender to institutional investors (the
“Tender”), offering Series L Convertible Bonds in an aggregate
amount of up to NIS 200 million par value (the "Bonds"). The Tender
is the first stage of a public offering process being conducted in
Israel only, and the Bonds are expected to trade on the Tel Aviv
Stock Exchange.
At the Tender, the Company received early commitments for the
purchase of Bonds in the aggregate amount of NIS 144 million par
value (approximately $38 million) at an initial issuance price of
NIS 965 per unit of NIS 1,000 par value of Bonds. The institutional
investors will receive an early commitment discount of 0.5%.
If the offering is consummated, the Bonds will bear interest at
the rate of 5% per year and will be convertible, at the election of
the holder, into the Company’s ordinary shares at a conversion
price of NIS 33.605 per share (currently equal to approximately
$9.22), subject to adjustment for share splits, combinations,
dividends and rights offerings. The principle of the Bonds will be
repayable in five equal installments, with a final maturity date of
March 31, 2020. The Bonds will be unsecured and denominated in
nominal Israeli shekels. The Company has the right to redeem the
Bonds under certain circumstances.
As previously reported, Standard & Poor’s Maalot assigned a
local 'A-' stable rating for a proposed issuance of the Bonds up to
NIS 200 million par value.
The public tender for the Bonds, which is the second and final
stage of the process, is expected to be held on Tuesday, September
23, 2014.
The offering described in this press release will be made
only in Israel and only to residents of Israel by way of the shelf
offering report dated September 22, 2014 issued pursuant to the
Company's shelf prospectus dated May 19, 2014, as amended on
September 18, 2014. The Bonds will not be registered under the U.S.
Securities Act of 1933 and will not be offered or sold in the
United States or to U.S. persons. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy any Bonds.
About Perion Network Ltd.
Perion powers innovation. Perion is a global performance-based
media and Internet company, providing online publishers and
app developers advanced technology and a variety of intelligent,
data-driven solutions to monetize their application or content and
expand their reach to larger audiences, based on our own experience
as an app developer. Our leading software monetization
platform, Perion Codefuel,
empowers digital businesses to optimize installs, analyze data and
maximize revenue. Our app promotion platform, Perion Lightspeed, enables developers to make wise
decisions on where to spend advertising budgets to produce the
highest yield and the most visibility. The Perion team brings
decades of experience, operating and investing in digitally-enabled
businesses, and we continue to innovate and create value for the
app ecosystem. More information about Perion may be found
at www.perion.com. Follow Perion
on Twitter @perionnetwork.
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 with respect to Perion.
Such statements reflect the current views, assumptions and
expectations of Perion with respect to future events and are
subject to risks and uncertainties. Many factors could cause the
actual results, performance or achievements of Perion to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, our failure to
receive requisite regulatory approvals for a particular offering, a
downgrade of our credit rating, a lack of robust interest in our
securities on the part of investors, the availability of more
attractive investments at the time of an offering by us, adverse
developments in our business or industry, general economic, market
and political conditions, and various other factors, whether
referenced or not referenced in this press release. Various other
risks and uncertainties may affect Perion and its business, as
described in reports filed by the Company with the Securities and
Exchange Commission from time to time, including its annual report
on Form 20-F/A for the year ended December 31, 2013. Perion does
not assume any obligation to update these forward-looking
statements.
Source: Perion Network Ltd.
Perion Investor RelationsDeborah Margalit,
+972-73-398-1000investors@perion.com
Perion Network (NASDAQ:PERI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Perion Network (NASDAQ:PERI)
Historical Stock Chart
From Jul 2023 to Jul 2024