Sapiens retires $745,000 of convertible debentures

By Susanna Moon

Chicago, June 13 - Sapiens International Corp. NV redeemed $745,000, or NIS 3,112,831, of its convertible debentures issued to Israeli investors, according to a press release.

The repurchase follows a $2.8 million, or NIS 11,887,169, redemption of convertible debentures on Tuesday and a $20 million private placement announced earlier this week.

Investors bought the convertible debentures at a price of NIS 0.95 per NIS 1.00 unit.

The total amount of convertible debentures redeemed this week is NIS 15 million.

In the stock placement, the company priced the deal at 6,666,666 shares for $3.00 per share.

The company's shares (NASDAQ: SPNS) closed at $3.34 June 12.

Sapiens is a provider of software and technology services to the insurance industry based in Nes-Ziona, Israel.

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