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09.11.2016 09:10
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Magic Signs Definitive Seven-year Term Loan Agreement
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PR Newswire
OR YEHUDA,Israel, November 9, 2016
OR YEHUDA,Israel, November 9, 2016 /PRNewswire/ --
Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC), a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that the Company has obtained a NIS 120 million (approximately $31.5 million) loan from an Israeli institutional corporation. After taking the loan, the Company will have total cash of approximately $92.5 million (net cash of ~ $60 million). The proceeds from the loan will be used to support the growth of the Company's existing business and for potential acquisitions. The unsecured loan is payable in 7 equal annual payments with the final payment due on November 2, 2023 and bears a fixed interest rate of 2.60% per year (unlinked), payable in two semi-annual payments. The loan, which may be prepaid under certain circumstances, is subject to various customary financial covenants and a negative pledge.
"We are pleased to partner with a leading Israeli institution on this financing, taking advantage of the attractive rates that were offered," stated Asaf Berenstin, CEO of Magic Software Enterprises, Ltd. "Having already spent approximately $21 million this year on the acquisition of Roshtov Software Industries Ltd., this financing will give us the flexibility to further grow our digital transformation business and add value to our shareholders by enriching our solutions for mobile, integration, cloud and IoT, both organically and through additional acquisitions."
About Magic Software Enterprises Ltd.
Magic Software Enterprises Ltd. (NASDAQ: MGIC) empowers customers and partners around the globe with smarter technology that provides a multichannel user experience of enterprise logic and data.
For more information visit: http://www.magicsoftware.com.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, statements regarding the potential opportunities and financial impact of the transaction, our technology and related pipeline, collaboration and partnership opportunities and any other statements containing the words "believes," "expects," "anticipates," "intends," "plans," "forecasts," "estimates," "will" and similar expressions are forward-looking statements. These forward-looking statements are based on Magic's current intentions, beliefs and expectations regarding future events. Magic cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from Magic's expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, Magic does not undertake to update any forward-looking statement to reflect new information, events or circumstances.
Additional risks and factors that may affect results are set forth in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F.
Press Contact:
Stephanie Myara | PR Manager
Magic Software Enterprises
smyara@magicsoftware.com
Magic is a registered trademark of Magic Software Enterprises Ltd. All other product and company names mentioned herein are for identification purposes only and are the property of, and might be trademarks of, their respective owners.
SOURCE Magic Software Enterprises Ltd.
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