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Insurance Software Company Sapiens Raises $66 Million in Shelf Offering

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

Golan Hazani  :  2017-09-14T10:41:58..
Sapiens International Corporation N.V. raised $66 (NIS 235) million in a shelf offering of Series B Debentures, completed Wednesday. The company intended to raise $80 (NIS 280) million and may hold another offering soon.

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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.

Offering Offering Offering

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.

Among the prominent investors in the offering were Menora Mivtachim Holdings Ltd., a Tel Aviv-based company offering insurance to private customers and institutional entities in Israel, and Tel Aviv-based investment house Yelin Lapidot - Mutual Funds Management Ltd. Both companies were investors in the July Tamar Petroleum offering.
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