Monday, September 12, 2016

USA, Nevada: Ormat Successfully Raises USD 204 Million of Financing

Ormat Technologies Inc. Concludes Auction to Price $204 Million Aggregate Principal Amount of Senior Unsecured Bonds in Proposed Regulation S Offering (News Release)

Ormat Technologies, Inc. has announced that it has concluded an auction tender and accepted subscriptions for US$204 million aggregate principal amount of two tranches (Series 2 approximately $ 67 million and Series 3 approximately $ 137 million) of senior unsecured bonds (the "Series 1 Bonds", the "Series 2 Bonds" and, collectively, the "Bonds"). 

Ormat intends to use the proceeds from the offering and sale of the Bonds to prepay existing indebtedness, including prepayment fees of approximately $5 million. Ormat expects its annual interest expense to decrease as a result of this refinancing.

Ormat Technologies, Inc. will be exhibiting at the GRC Annual Meeting & GEA GeoExpo+, October 23-26 in Sacramento, California, USA.