Insurance Software Company Sapiens Raises $66 Million in Shelf Offering
The offering will refinance the loan Sapiens took out to acquire Colorado-based StoneRiver in February for $102 million
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Headquartered in Holon, 5 miles south of Tel Aviv, Sapiens offers software solutions to the insurance industry. With several global subsidiaries, the company has over 2,500 employees.
Sapiens' offering will go towards refinancing a $40 million loan from HSBC Bank USA, National Association, taken out to finance Sapiens' February 2017 acquisition of Denver, Colorado-based insurance software company StoneRiver Inc for $102 million.Sapiens' Debentures received an ILA+ rating from Standard & Poor’s Maalot Ltd., an Israeli rating agency. They will be paid in eight equal annual payments throughout 2019-2026, with an A+ yearly interest dollar rate of 3.37% for a duration of 4.4 years.