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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%.