The Israeli insurance software solutions company issued a non-convertible debenture at annual interest of 3.37%.
Israeli insurance software solutions company Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) saw its share price rise 9% on Nasdaq yesterday and is currently up a further 3% at $28.86, giving an all-time record market cap of $1.576 billion. The rise comes as Sapiens has raised a $60 million bond. The non-convertible Series B debenture is at annual interest of $3.37%.
Sapiens president and CEO Roni Al-Dor said, “We are very pleased to have completed the sale of the Series B debentures in Israel. 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.”
He 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.”