By Susanna Moon
Chicago, Sept. 22 – Perion Network Ltd. said it received early commitments for NIS 144 million of 5% series L convertible bonds due March 31, 2020 at an initial issue price of 96.5 and a conversion premium of 49.02%.
The company is offering to issue up to NIS 200 million par value of the bonds, and the tender to institutional investors is the first stage of a public offering being conducted in Israel, according to a company press release.
The public tender for the bonds was expected to be held Tuesday.
The initial issue price is NIS 965 per unit of NIS 1,000 par value of bonds, and the institutional investors will receive an early commitment discount of 0.5%.
The conversion price will be NIS 33.605 per share, which is a 49.02% premium over the company’s opening share price on the Tel Aviv Stock Exchange on Monday.
The conversion price is currently equal to about $9.22, which would be a 50.16% premium over the company’s closing share price on Nasdaq on Friday.
The principal of the bonds will be repayable in five equal installments.
The company has the right to redeem the bonds under certain circumstances.
Perion is a media and internet company based in Tel Aviv.
| Issuer: | Perion Network Ltd.
|
| Issue: | Series L convertible bonds
|
| Amount: | Up to NIS 200 million
|
| Maturity: | March 31, 2020
|
| Coupon: | 5%
|
| Conversion price: | NIS 33.605 per share
|
| Conversion premium: | 49.02%
|
| Announcement date: | Sept. 8
|
| Pricing date: | Sept. 22
|
| Rating: | Standard & Poor’s Maalot: A-
|
| Stock listing: | TASE: PERI; Nasdaq: PERI
|
| Stock price: | NIS 22.55 at open Sept. 22; $6.14 at close Sept. 19
|
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