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Sapiens Announces Repayment of Debt to Israeli Institutional Investors
Jun 12, 2007 (10:06 AM EDT)
CARY, North Carolina, June 12 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. a member of the Emblaze / Formula Group , today announced that, following upon the $20 million private placement which it publicized earlier this week, the Company has repaid its debt to certain Israeli institutional investors, through the repurchase of the Company's convertible debentures (Series A) in the aggregate amount of 11,887,169 NIS, nominal value, representing approximately $2.8 million. The convertible debentures (Series A) were purchase at a price of NIS 0.95 per NIS 1.00 unit.
Pursuant to the terms of the prospectus governing the convertible debentures (Series A), the 11,887,169 NIS, nominal value, will be cancelled and removed from trading on the Tel Aviv Stock Exchange.
The remaining convertible debentures (Series A) in circulation shall be unaffected by this transaction.
About Sapiens International
Sapiens International Corporation N.V. http://www.sapiens.com , a member of Formula Group , and the Emblaze Ltd group, is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Prudential, ING, Menora Mivtachim, and Occidental Fire & Casualty among others. For more information, please visit .
For Additional Information: Elior Brin Chief Financial Officer Sapiens International Tel: +972-8-938-2721 E-mail: IR.Sapiens@sapiens.com Roni Al-Dor Chief Executive Officer Sapiens International +972-8-938-2721 E-mail:
CONTACT: For Additional Information: Elior Brin, Chief Financial Officer, IR.Sapiens@sapiens.comSapiens International, Tel: +972-8-938-2721, E-mail:; Roni Al-Dor, Chief Executive Officer, SapiensInternational, +972-8-938-2721, E-mail: