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Ormat Technologies Shares Slip On Offer To Raise $350M Via Private Convertible Senior Notes

  • Ormat Technologies, Inc ORA plans to offer a $350 million aggregate principal amount of Green Convertible Senior Notes due 2027 in a private offering.
  • The notes will mature on July 15, 2027; interest will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023.
  • The company would grant the initial purchasers an option to purchase up to an additional $52.5 million aggregate principal amount of Notes.
  • The notes will be convertible at the option of the holders before the close of the business day immediately preceding January 15, 2027.
  • The company intends to enter into privately negotiated capped call transactions with one or more initial purchasers or affiliates.
  • Ormat Technologies intends to use up to $25 million of the net proceeds to repurchase shares of its common stock in privately negotiated transactions, a portion to pay the cost of the capped call transactions, ~$221.9 million to fund the previously announced prepayment of its Series 3 Bonds, and the remainder for general corporate purposes.
  • Price Action: ORA shares are trading lower by 5.28% at $71.00 during the post-market session on Tuesday.

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