News Column

Perion Networks files to raise NIS 350m on TASE

May 19, 2014

By Shiri Habib-Valdhorn, Globes, Tel Aviv, Israel



May 19--Raising corporate bonds on the Tel Aviv Stock Exchange is a daily matter due to low interest ratesbut it is still exceptional for an Internet company to raise debt on the stock market. However, Perion Networks Inc. (Nasdaq:PERI: TASE:PERI) is set to raise debt after receiving permission from the Israel Securities Authority to publish a shelf prospectus. Perion said that it had received a iIA rating from Standard & Poor's Maalot for the bonds.

The company plans raising a bond but the shelf prospectus also leaves open the option of a share offering, tradable securities and more. Perion, which is dual listed on Nasdaq with a market cap of $682 million, is preparing to raise NIS 350 million ($100 million) with the interest rate set on the date of the offering. The company is currently carrying out a road show prior to the offering and Israel Discount Bank (TASE: DSCT), Bank Leumi (TASE: LUMI) and Poalim IBI Underwriting and Investments Ltd. (TASE:PIU) are the underwriters.

Perion, led by CEO Joseph Mandelbaum, develops software and services to assist in distribution and monetization for software app developers. The company, which was founded as Incredimail, initially developed email applications. In recent years, the company has acquired Sweetpacks, Smilebox and most recently the ClientConnect division of Conduit.

___

(c)2014 the Globes (Tel Aviv, Israel)

Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942

Distributed by MCT Information Services


For more stories covering the world of technology, please see HispanicBusiness' Tech Channel



Source: Globes (Tel Aviv)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters