Bookrunners Barclays and William Blair fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 28 - Magic Software Enterprises Ltd. said it priced a $51 million public offering of stock with a $7.65 million greenshoe.
The company will sell 6 million ordinary shares at $8.50 apiece. The price per share is a 10.43% discount to the Feb. 27 closing share price of $9.49.
Barclays and William Blair & Co., LLC are the joint bookrunners.
Formula Systems (1985) Ltd. has agreed to invest $5.95 million.
Settlement is expected March 5.
Proceeds will be used for general corporate purposes.
Based in Or Yehuda, Israel, Magic Software develops, markets, sells and supports an application platform and business and process-integration solutions.
| Issuer: | Magic Software Enterprises Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $51 million
|
| Greenshoe: | $7.65 million
|
| Shares: | 6 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Bookrunners: | Barclays and William Blair & Co., LLC
|
| Co-managers: | Maxim Group LLC and H.C. Wainwright & Co., LLC
|
| Investor: | Formula Systems (1985) Ltd. (for $5.95 million)
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 5
|
| Stock symbol: | Nasdaq: MGIC
|
| Stock price: | $9.49 at close Feb. 27
|
| Market capitalization: | $318.9 million
|
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