Monday, August 1, 2016

USA, Nevada: Ormat to Re-Finance Debt at Lower Interest Rate

Ormat to raise $250m dollars for loan recycling (Globes)

Isaac Angel, CEO of Ormat is slated to speak at the GRC Annual Meeting

Ormat Technologies Inc, managed by CEO Isaac Angel and controlled by the FIMI Opportunity Funds, is acting to raise hundreds of millions of dollars in non-tradeable debt from Israel's financial institutions in order to recycle a loan under improved conditions.

According to market sources, local underwriting entities are currently discussing two raise options with the financial institutions a private loan or an issue of a series of non- tradeable bonds.

The raise is aimed at recycling an existing debt in a $250 million bond series offered by Ormat to financial institutions in 2010-2011 with a 7% interest, which is to be repaid in early August 2017. In the current offering, the interest would probably be only 3%-5%.