Perion Network Announces Results of Institutional Tender for Convertible Bonds in Israeli Public Offering
TEL AVIV, Israel & SAN FRANCISCO--(BUSINESS WIRE)--
Perion Network Ltd. (NASDAQ: PERI) (TASE: PERI) today announced the
results of its tender to institutional investors (the "Tender"),
offering Series L Convertible Bonds in an aggregate amount of up to NIS
200 million par value (the "Bonds"). The Tender is the
first stage of a public offering process being conducted in Israel only,
and the Bonds are expected to trade on the Tel Aviv Stock Exchange.
At the Tender, the Company received early commitments for the purchase
of Bonds in the aggregate amount of NIS 144 million par value
(approximately $38 million) at an initial issuance price of NIS 965 per
unit of NIS 1,000 par value of Bonds. The institutional investors will
receive an early commitment discount of 0.5%.
If the offering is consummated, the Bonds will bear interest at the rate
of 5% per year and will be convertible, at the election of the holder,
into the Company's ordinary shares at a conversion price of NIS 33.605
per share (currently equal to approximately $9.22), subject to
adjustment for share splits, combinations, dividends and rights
offerings. The principle of the Bonds will be repayable in five equal
installments, with a final maturity date of March 31, 2020. The Bonds
will be unsecured and denominated in nominal Israeli shekels. The
Company has the right to redeem the Bonds under certain circumstances.
As previously reported, Standard & Poor's Maalot assigned a local 'A-'
stable rating for a proposed issuance of the Bonds up to NIS 200 million
The public tender for the Bonds, which is the second and final stage of
the process, is expected to be held on Tuesday, September 23, 2014.
The offering described in this press release will be made only in
Israel and only to residents of Israel by way of the shelf offering
report dated September 22, 2014 issued pursuant to the Company's shelf
prospectus dated May 19, 2014, as amended on September 18, 2014. The
Bonds will not be registered under the U.S. Securities Act of 1933 and
will not be offered or sold in the United States or
to U.S. persons. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any Bonds.
About Perion Network Ltd.
Perion powers innovation. Perion is a global performance-based media
and Internet company, providing online publishers and app developers
advanced technology and a variety of intelligent, data-driven solutions
to monetize their application or content and expand their reach to
larger audiences, based on our own experience as an app developer. Our
leading software monetization platform, Perion
Codefuel, empowers digital businesses to optimize installs,
analyze data and maximize revenue. Our app promotion platform, Perion
Lightspeed, enables developers to make wise decisions on where to
spend advertising budgets to produce the highest yield and the most
visibility. The Perion team brings decades of experience, operating and
investing in digitally-enabled businesses, and we continue to innovate
and create value for the app ecosystem. More information about Perion
may be found at www.perion.com.
Follow Perion on Twitter @perionnetwork.
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995 with respect to Perion. Such statements
reflect the current views, assumptions and expectations of Perion with
respect to future events and are subject to risks and uncertainties.
Many factors could cause the actual results, performance or achievements
of Perion to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others, our failure to
receive requisite regulatory approvals for a particular offering, a
downgrade of our credit rating, a lack of robust interest in our
securities on the part of investors, the availability of more attractive
investments at the time of an offering by us, adverse developments in
our business or industry, general economic, market and political
conditions, and various other factors, whether referenced or not
referenced in this press release. Various other risks and uncertainties
may affect Perion and its business, as described in reports filed by the
Company with the Securities and Exchange Commission from time to time,
including its annual report on Form 20-F/A for the year ended December
31, 2013. Perion does not assume any obligation to update these
Source: Perion Network Ltd.
Perion Investor Relations
Deborah Margalit, +972-73-398-1000
Source: Perion Network Ltd.
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