|Storm and Drill Rig, by Piyush Bakane, Reno, Nevada. Taken during the Don A Campbell-2 drilling operation, at Ormat's Don A Campbell geothermal project, July 2015|
Ormat Technologies, Inc. today announced that ORNI 47 LLC successfully issued and sold $92.5 million in aggregate principal amount of its 4.03% Senior Secured Notes due 2033.
The Senior Secured Notes were issued in a private placement transaction exempt from the registration requirements of the Securities Act of 1933, as amended, and were purchased in total by MEAG, the asset manager of Munich Re. The Senior Secured Notes were assigned an investment grade rating of BBB- by Kroll Rating Agency.
"We are pleased to finalize this financing transaction for Don A. Campbell Phase I, enabling Ormat and Northleaf to benefit from favorable terms. This financing demonstrates Munich Re's confidence in geothermal projects operated by Ormat,” said Mr. Isaac Angel, Chief Executive Officer of the Company.